ILVA assets seized in 24 cities

Real estate, financial assets, vehicles taken

ILVA assets seized in 24 cities

(updates previous) Taranto, September 11 - Financial police working in 24 different cities seized more than 900 million euro in assets from the owners of troubled steelmaker ILVA, authorities said Wednesday. The seizures were carried out Tuesday at 13 companies connected with the Riva Group, parent company of the southern Italian ILVA steel mill, the largest iron and steel producer in Italy, and the fourth largest in Europe. Police seizures were carried out in cities from Rome to Milan, Genoa to Cagliari, Modena to Bari, Naples, Lecco and Bergamo. Assets seized were evenly divided between goods and property, worth more than 456 million euros; and financial instruments including stocks and bonds. As well, about 100 vehicles were seized. 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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