The top management of RBD Armatori of Italy – Giuseppe Mauro Rizzo, Roberto Rizzo, Ugo De Carlini, Orsola Bottiglieri and Grazia Bottiglieri – risk a sentence of up to five years in jail each and the requisition of real estate properties which are worth €35m ($41m).
In a long running tax fraud case prosecutor Sergio Raimondi on Friday sought stiff penalties at the Court of Torre Annunziata. Prosecutors allege that €37m ($43m) in undeclared income may have been funnelled away in companies based in Luxembourg.
RBD Armatori is a Naples-based shipping company active in the dry and liquid bulk business with a fleet of 16 vessels and is currently involved in a tricky restructuring process. The turnaround fund Pillarstone Italy recently became the largest creditor of the company, purchasing non-performing-loans from various banks and a new rescue plan for the company is expected to be presented in the coming weeks.
