#INSERT type:image caption:AC Milan say there was no foul play in the transfer of Gabriel Paletta from Parma in February. END#
AC Milan have released a statement refuting any wrongdoing in the transfer of Gabriel Paletta from Parma in February.
The Parma Tribunal have opened an investigation into what they believe could be fraudulent activity in the sale of the Italy international from the debt-ridden and now defunct Parma FC to the Rossoneri.
The 29-year-old was signed for a sum of €2.5 million, despite having a much higher market value. Milan's general manager Adriano Galliani, who struck the deal with the Emilia-Romagna club, is mentioned by investigators, reports La Gazzetta dello Sport, who sustain that the "value [of the transfer] was so low that it further impoverished the club's assets and thus contributed to worsening their [financial] instability."
Parma were officially declared bankrupt soon after and folded in the summer.
Milan published a statement on their website on Tuesday, exonerating Galliani of any illicit behaviour in brokering the deal.
"In relation to the news that Adriano Galliani has been mentioned in the investigation by the Parma Tribunal regarding the purchase of the football player Paletta, A.C. Milan would like to underline the legality of the operation and the club are sure that the magistrates will come to the same conclusion," read the statement.
Paletta is currently playing for Milan's Serie A rivals Atalanta on a season-long loan deal while the newly-formed Parma have started out life in Italy's fifth-tier Serie D.