Ilva owner Emilio Riva indicted for tax fraud

ANSA reported that a preliminary hearings judge in Milan indicted the owner of the troubled ILVA steelworks in Taranto for an alleged massive tax fraud.

Emilio Riva was indicted together with two former company managers and a former Deutche Bank manager for tax evasion to the tune of EUR 52 million . The four are accused of declaring false losses in 2007 in order to pay less tax in Italy.

Finance police say that year’s profits were transferred abroad to countries with more favourable tax regimes. Italy’s inland revenue agency subsequently disputed the return and Ilva has since paid out around EUR 65 million.

Credit : Steelguru