Italian businessman Pierpaolo Cerani told Spanish newspaper ABC that he had made up the accusations that former Bulgarian prime minister Simeon Saxe-Coburg was involved in corruption schemes.

The conversations between Cerani and his 'partner' Italian Prince Victor Emmanuel were the main evidence of Italian prosecution that Saxe-Coburg had attempted receive political financing in return for participation in telecommunications and hospital construction projects.

Cerani told ABC that he made up information on Saxe-Coburg's involvement in the corruption schemes just 'to please' Victor Emmanuel. Cerani said that Saxe-Coburg was an 'honorable man' who would never take any political financing.

The businessman admitted that he had acted 'foolishly' only to win Victor Emmanuel's favourable disposition.