Telefonica boss probed over share dealings

Yes, you may have read that headline before...

Telefonica chairman Cesar Alierta Izuel could well find himself in the dock facing charges of insider share dealing. The executive of the telco was formerly a stockbroker and then chief executive of Tabacalera, a tobacco group, and any charge - which might also be brought against his wife and nephew - would be for improper trading in that company's shares, reports today's FT. If the Spanish attorney-general is successful in an action, Alierta could face a jail term of up to four years. Alierta replaced Juan Villalonga, a charismatic boss remembered for growing Telefonica's mobile and internet businesses but leaving amidst scandal, also involving share options.