Former Italian leader Berlusconi handed a one year jail sentence

City A.M. Reporter
ITALY’S former Prime Minister Silvio Berlusconi was yesterday sentenced to one year in jail over the publication by his family’s newspaper of a transcript of a leaked wiretap connected to a banking scandal in 2006.

Italian rules mean the 76-year-old billionaire will not have to serve jail time until the appeals process has been exhausted, and a higher court may still overturn the ruling.

It comes in the middle of a political impasse arising from last week’s election that left no party able to form a government on its own, although Berlusconi's centre-right formation emerged as the second strongest in parliament.

Berlusconi is in the middle of a series of trials, with separate cases over charges of tax fraud and paying for sex with an underage prostitute due to wind up this month.

Following the verdict, he repeated denials that he was in any way connected with wrongdoing.