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Court orders seizure of Fonsai assets

120 mn euros worth of goods taken as part of insurance probe

20 December, 15:06
Court orders seizure of Fonsai assets (ANSA) - Milan, December 20 - A Milan court on Friday ordered the seizure of 120 million euros in assets from former management of troubled Fonsai insurance company.

Prosecutors had originally requested the seizure of 440 million euros in assets held by two former managers, Fausto Marchionni and Antonio Talarico, as well as members by the Ligresti family.

The order was made as part of a major fraud investigation involving the Fonsai insurance group, including officers of the company and members of the family of former insurance magnate Salvatore Ligresti.

Ligresti and company officers are accused of corruption in the probe into alleged accounting fraud and market manipulation at the troubled Italian insurance group. Prosecutors allege accounting irregularities enabled Ligresti to acquire illegal dividends of 200 million euros.

The Ligresti family are the former majority owners of the Fonsai and Milano Assicurazioni insurance companies.