Riva says seizures leave company paralyzed
Steelmaker says it cannot get back essential cash to operate25 September, 19:09
Riva said it needs to get some of its money back from the courts to pay salaries to its workers to remain in business.
But that request was refused, leaving Riva to complain that its corporate paralysis is absolute.
A court appointee said the company must be able to put up some sort of financial guarantee against borrowing money from the funds that have been seized.
But Riva said that was "virtually impossible" because its assets have been seized.
The company has been seeking government help since the court recently ordered one billion in assets seized from 13 companies controlled by Riva, which is accused of tax evasion.
Riva is also parent company of the troubled ILVA steel plant in the southern Italian port city of Taranto.
It has been at the centre of a long-running judicial and political drama as courts have moved to force the company to make expensive environmental upgrades to plant, accused of polluting the area and creating health concerns for more than a decade.
The Italian government has been looking for ways, including a possible change to the law, that could help Riva get its plants back to work.