Gian Carlo Minardi statement

Gian Carlo Minardi today confirms that certain of his past financial activities are the subject of investigation by the Italian fiscal authorities. This investigation covers the period from 1993 to 1996, when he was Team Principal of the Faenza-based Formula One organisation that bears his name.

Gian Carlo Minardi denies categorically all charges of financial wrongdoing and has pledged to cooperate fully with the investigation.

He also stresses that the investigation in no way relates to the current management of the team and will not have any effect on the operation of European Minardi F1, as it is now structured.

"We regret very much the circumstances in which our accountant Stefano Sangiorgi, finds himself, and hope that the situation can be resolved as soon as possible," comments Gian Carlo Minardi. "We are confident and trust fully in the authorities to do their work speedily."

Faenza, Italy June 27, 2001

- Minardi