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Taranto

One year after arrest, ILVA managers freed from jail

26/07/2013

Riva family members implicated in plant crisis

One year after arrest, ILVA managers freed from jail

Taranto, July 26 - One year after their arrests in connection with environmental problems created at their steel works in southern Italy, three former managers from the ILVA plant were released from jail Friday. Emilio Riva, the former head of troubled steel manufacturer ILVA, his son Nicholas, and the former Taranto plant manager Luigi Capogrosso were released for jail but placed under house arrest. But for Emilio Riva, the legal troubles are far from over. Earlier this month, prosecutors asked the courts to indict Emilio Riva on charges of massive tax fraud alleging that he and two other former executives evaded 52 million euros in taxes dating back to 2007. A London-based executive with Deutsche Bank was also named by the prosecution for assisting in the alleged fraud. Emilio and Adriano Riva, owners of the parent company that owns Taranto's ILVA steel plant, have been under investigation for fraud against the State and fake money transfers. Some 1.2 billion euros transferred out of Italy by the Rivas were previously confiscated as were 8.1 billion euros in assets involved in a transfer when the family set up a spin-off company called Riva Forni Elettrici SpA. ILVA has faced enormous problems in the past year, most recently with a decision by the Italian government to appoint a commissioner to take over management of the company's ill-fated Taranto steel plant in southern Italy. The company has been at the centre of a political and legal battle since last July when local magistrates ordered the partial closure of the Taranto plant due to serious health concerns. The Riva group is the biggest iron and steel producer in Italy, the fourth-biggest in Europe and the 23rd-biggest in the world.