Important! This article is written by orangesmile.com editors and is protected by copyright law. The article can only be re-used with a direct link to www.orangesmile.com

Ligresti Hotels in Italy are Seized by the Police

Italian police continues investigation regarding the Ligresti family that is the former owner of Fondiaria-Sai insurer. The family is accused of false accounting and market manipulation. Consequently, the family’s assets totalling 250 million euro were seized. The assets include luxury houses and houses.

Last month the police arrested Salvatore Ligresti, the former owner of Fondiaria, some other members of the family and managers from the company. According to the police, the family received illicit profit of 251.6 million euro, so authorities confiscated assets worth that sum. Among the properties taken away are a posh estate in Milan and hotels in Sicily, Turin, and the Dolomite region. Needless to say, the Ligresti’s lawyer called the seizure “unjustified” and said they would submit an appeal against the seizure.

Fondiaria was the leading car insurance company in the country, but long recession decreased the number of people who wanted to purchase the insurance. Even large credits from Unicredit bank couldn’t help the company solve its financial problems. Soon the company may be purchased by its main competitor – Unipol.

22.08.2013

Previous article / Back to news index

Stay in touch with the latest news of a worldwide hotel industry. All up-to-date analytics, reports, and news about hotel business trends on OrangeSmile.com.