Police in the southern Italian city of Taranto have confiscated €8.1 billion worth of property and goods belonging to the Riva family, owners of the Riva Fire holding company which controls the troubled Ilva steel plant, as widespread police investigations against the Rivas continue.
Milan investigators stated they are probing Emilio and Adriano Riva on suspicion of fraud against the Italian state and illegal money transfers. Some €1.2 billion transferred out of Italy by the Rivas was also confiscated last week. Last January, Ilva executive and Riva family member Fabio Riva was arrested in London after two months on the run.
Ilva's 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 last year when local magistrates ordered the partial closure of its Taranto plant due to serious environmental concerns.
Meanwhile, as the confiscation order also involves Riva Fire's stake in Ilva Spa, the board of directors of Ilva Spa have resigned from office with effect from June 5. On this date, Ilva shareholders will meet in order to assess the situation and vote for a new board.
