Milan-based investigating Fabrizio D'Arcangelo has accepted a request made by Piero Gnudi, special commissioner for Taranto-based Italian steelmaker Ilva, to free up and transfer €1.2 billion to the Italian company. The funds in question had previously been seized by prosecutors in Milan from the Riva family, owners of Ilva, for alleged tax and currency fraud.
Special commissioner Gnudi had made his request for the funds on September 11 this year, based on a law promulgated last February in relation to Ilva.
The €1.2 billion will be used to improve environmental standards at the Taranto-based plant. The total costs of improving environmental standards at Ilva to comply with the Italian government's Integrated Environmental Authorization are expected to reach €1.8 billion.
