In a medium sized saucepan, melt the butter over moderate heat.
When the foam subsides, add the onion and fry, stirring occasionally, for 5 to 7 minutes or until it is soft and translucent but not brown.
Add the salt, pepper, 1 teaspoon of the basil and the tomatoes.
Reduce the heat to low, cover the pan and simmer for 1 hour.
Remove the pan from the heat and set aside to cool to room temperature.
Place the vegetable mixture in the jar of an electric blender and blend until the mixture forms a puree.
Scrape the puree into a medium sized mixing bowl.
Add the cream cheese and beat the mixture until it is well blended.
Place the cooked rice, oil, the remaining basil and the Parmesan in a large mixing bowl.
Stir well to mix.
Spoon the rice mixture on to a large, flat serving dish.
Pour half the puree mixture into the centre of the rice, and pour the remainder into a sauceboat.
Place the Mozzarella cheeses down the centre of the dish and garnish with the olives.