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CECCHI GORI FORCED TO CALL TIME-OUT.

MILAN Italian media tycoon Vittorio Cecchi Gori is temporarily stepping down as head of his troubled media and sports conglom, the Cecchi Gori Group.

Cecchi Gori's self-suspension, according to sources, came after his creditor banks -- which include Merrill Lynch, Banca di Roma and Monte dei Paschi -- forced him to give up management of the group. Move follows a series of judicial and financial setbacks, culminating in investigations for alleged possession of cocaine and money laundering. His lawyers say the charges are unfounded.

Dutch merchant bank Abn Amro, Cecchi Gori's new financial adviser, is expected to run operations until matters are resolved.

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Title Annotation:Italian film producer Vittorio Cecchi Gori
Comment:CECCHI GORI FORCED TO CALL TIME-OUT.(Italian film producer Vittorio Cecchi Gori)
Author:Zechinelli, Cecilia
Publication:Variety
Article Type:Brief Article
Geographic Code:4EUIT
Date:Jul 16, 2001
Words:101
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