Panama papers: Former Ferrari CEO says 'no off-shore accounts'

Paris - Former Ferrari CEO, Luca Cordero di Montezemolo, one of Italy's most visible corporate managers, says he has no off-shore account in Panama.

Montezemolo said at a UniCredit bank board meeting on Thursday that a check of his records indicated that references to him in a database of leaked off-shore accounts were related to "proposals by my financial consultants about investments that were never made."

He added: "I can therefore confirm that I don't own any off-shore company, or any foreign account, and above all, I have done nothing wrong."

Montezemolo's name turned up in a media investigation of accounts set up by a Panama-based law firm. The documents indicate a series of contracts that listed Montezemolo, who is currently Alitalia chairman and on the UniCredit board, as head of a Panama-based company called Lenville, that was set up in 2007. At the time Di Montezemolo was chairman of Fiat, CEO of Ferrari and head of Italy's Confindustria industrial lobby.

Rosberg's contract leaked

Earlier in April Wheels24 reported that Formula 1 world championship leader Nico Rosberg's contract with the Mercedes team has shown up in the Panama Papers.

Revelations in leaked data from Panama law firm Mossack Fonseca detailing how the world's wealthy including politicians and sports stars used its lawyers to set up offshore companies is sending shock waves around the world.