Rome

ILVA owners probed for fraud and funds scam

Emilio and Adriano Riva latest in parent-company investigations

ILVA owners probed for fraud and funds scam

Rome, May 22 - Milan investigators on Wednesday said they are probing Emilio and Adriano Riva, owners of the parent company that owns Taranto's ILVA steel plant, suspected of fraud against the State and fake money transfers. Some 1.2 billion euros transferred out of Italy by the Rivas were also confiscated. Last January, ILVA executive and family member Fabio Riva was arrested in London after two months on the run. Taranto prosecutors issued a European arrest warrant for Fabio Riva, the deputy chairman of parent-company Riva, on December 10 saying that he was sought as part of a criminal probe into the environmental scandal at the facility. Several other top managers have been arrested as part of the investigations. The Taranto plant is the biggest in Europe, and the Riva group is the biggest iron and steel producer in Italy, the fourth-biggest in Europe and the 23rd-biggest in the world. ILVA has been at the centre of a political and legal battle since July when local magistrates ordered the partial closure of its Taranto plant due to serious health concerns.

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