Taranto

One billion euros in assets seized from Riva companies

Same holding firm owns troubled ILVA steel plant

One billion euros in assets seized from Riva companies

Taranto, September 10 - Italian Police on Tuesday were seizing over one billion euros in assets from 13 companies controlled by the same holding company responsible for the troubled ILVA steel mill. The unnamed companies each have headquarters in Milan. Their holding company Riva owns the ILVA, the biggest iron and steel producer in Italy, the fourth-biggest in Europe and the 23rd-biggest in the world. Last month prosecutors asked the courts to indict Emilio Riva, ILVA's former head, on charges of massive tax fraud. Milan prosecutor Francesco Greco accused Riva, and two other former executives of the steelmaker, of evading 52 million euros in taxes dating back to 2007. ILVA has been at the centre of a political and legal battle since July 2012 when local magistrates ordered the partial closure of the Taranto plant due to serious health concerns. A decree to save it while working to make sure it stops polluting passed in the Senate last month. The decree, among other things, designates a group of experts to oversee clean-up of the Taranto steel plant.

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