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Supreme court frees 8 bn in assets seized from Riva family

Family owns troubled ILVA steelworks

20 December, 18:23
Supreme court frees 8 bn in assets seized from Riva family (ANSA) - Rome, December 20 - The Italian supreme Court of Cassation on Friday annulled an 8.1-billion-euro seizure of property and goods from the Riva family, owners of the holding company that controls the troubled ILVA steelworks in Taranto.

The seizure was ordered in May amid a probe into Emilio and Adriano Riva for suspected fraud against the State and fake money transfers.

The 8.1 billion euros in assets had been involved in a transfer when the family set up a spin-off company called Riva Forni Elettrici SpA.

ILVA has faced enormous problems since July 2012 when local magistrates ordered the partial closure of the Taranto plant due to serious health and environmental concerns.

The Riva group is the biggest iron and steel producer in Italy, the fourth-biggest in Europe and the 23rd-biggest in the world.

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