Category: World / October 26, 2012 3:36 PM EDT
An Italian court sentenced former prime minister Silvio Berlusconi to one year in jail for tax fraud on Friday (October 26) in connection with the purchase of broadcasting rights by his Media set television company.
He was originally sentenced to four years in jail before the Milan court swiftly reduced it by 75 percent.
The court said the reduction was a result of a 2006 amnesty law aimed at reducing prison overcrowding.
Yet another reminder of the power Berlusoni holds.
Berlusconi has the right to appeal the ruling two more times before the sentence becomes definitive and will not be jailed unless the final appeal is upheld.
The court also ordered damages provisionally set at 10 million euros ($12.96 million) to be paid by Berlusconi and his co-defendants to tax authorities.
The ruling comes two days after Berlusconi, 76, confirmed he would not run in next year's elections as the leader of his centre-right People of Freedom (PDL) party.