Ilva executives resign as authorities seize stake in company

Several executives with Italian steelmaker Ilva have filed their resignations as the dispute with the country’s legal authorities drags on, the company said this week.

Several executives with Italian steelmaker Ilva have filed their resignations as the dispute with the country’s legal authorities drags on, the company said this week.

On Friday May 24, the company announced that it had received notification that the authorities in Taranto, where Ilva’s steel plant is located, had seized the controlling stake in the steelmaker previously held by Riva Fire.

As a consequence, three company directors announced that they would be stepping down with effect from June 5 2013.

“Given the seriousness of the situation, and the effects of the seizure of the controlling stake in Ilva that was held by Riva Fire, Bruno Ferrante, Enrico Bondi and Joseph De Iure will resign from their respective posts,” the company announced on May 25.

Ilva added that a new board of directors would be appointed.

The announcements came days after local Italian media reported that the police were to seize a large amount of money from the owners of the Taranto steel plant, Emiliano and Adriano Riva.

According to the reports, the money amounts to €8.1 billion ($10.5 billion) and will be confiscated to compensate for the pollution damage caused in the area where the Taranto works, Europe’s largest steel plant, is located.

Alexandra Chapman
achapman@steelfirst.com
Twitter: @AChapman_SF

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