The first hearing of the trial of Walter Burani, founder of Mariella Burani Fashion Group, and of his son, Giovanni, in connection to the bankruptcy of the firm, was scheduled at Milan’ s courthouse on Monday. However, defense lawyers requested more time to further examine preliminary documents and the session was adjourned to January 17. The Buranis, who are under house arrests, were not present at the trial. At the hearing, 139 shareholders requested to bring a civil action in the proceedings. MBFG was listed on the Milan Stock Exchange.
Italy’s Ministry of Economic Development granted bankruptcy protection to MBFG in March and appointed three administrators to manage the group, which was weighed down by debts of more than $600 million. In July, the Buranis were placed under arrest as part of a wider ongoing investigation into fraudulent bankruptcy. The arrests were requested by Milan prosecutors Luigi Orsi and Mauro Clerici, who have been investigating parent company Burani Designer Holding for fraudulent bankruptcy.