Telecom Italia has delayed the release of its 2009 results after the authorities seized €300 million from its Sparkle subsidiary in connection with a money-laundering scandal that has rocked the Italian business establishment.

The company, based in Milan, said late Wednesday that it had “resolved not to proceed with the approval” of its 2009 financial statements, which had been scheduled for release Thursday, and would instead publish them March 25. Its shares fell 3.1 percent in Milan.

To read this report in The New York Times in full, see:
www.nytimes.com/2010/02/26/business/global/26sparkle.html