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European arrest warrant issued for Fabio Riva

Steel scion accused with two others of defrauding Italian State

22 January, 13:45
European arrest warrant issued for Fabio Riva (ANSA) - Naples, January 22 - A European arrest order on Wednesday was issued against Fabio Riva, son of the the owner of the troubled steel manufacturer ILVA and who is currently living in London. The former ILVA executive and ex-deputy chairman of ILVA's parent company Riva is accused of defrauding the Italian State of hundreds of millions of euros by illegally taking public subsidies for exports through the holding company Riva Fire. A Riva Fire executive and an outside professional were arrested in relation to the case Wednesday.

Milan prosecutors Stefano Civardi and Mauro Clerici accuse the three of setting up an ad hoc holding company to collect public contributions. The new charges represent the third of a series of probes into the financial, business and tax dealings of ILVA's parent company Riva Group.

In July, Milan prosecutors asked the courts to indict Riva's father and ILVA's former head, Emilio Riva, on charges of massive tax fraud.

Prosecutor Francesco Greco accused Riva, and two other former executives of the steelmaker, of evading 52 million euros in taxes dating back to 2007.

A London-based executive with Deutsche Bank was also named by the prosecution for assisting in the alleged fraud.

Emilio and Adriano Riva, owners of the parent company that owns Taranto's ILVA steel plant, have been under investigation for fraud against the State and fake money transfers.

Some 1.2 billion euros transferred out of Italy by the Rivas were previously confiscated.

Fabio Riva was previously arrested in London in January 2013 after two months on the run, as part of a criminal probe into the environmental scandal at ILVA's Taranto steel plant.

ILVA has faced enormous problems in the past year, including a decision by the Italian government to appoint a commissioner to take over management of the company's ill-fated Taranto steel plant in southern Italy.

Enrico Bondi's job as commissioner is to clean up and revamp the plant - the largest in Europe - located in southern Italy.

ILVA has been at the centre of a political and legal battle since July 2012 when local magistrates ordered the partial closure of the Taranto plant due to serious health 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.