Giuseppe Lembo, the last of the three founders of the Torre del Greco-based Deiulemar shipping empire, died yesterday at the age of 82.
Together with Michele Iuliano and Giovanni Della Gatta, Lembo founded the famous shipping company in 1967, which was active mainly in the dry bulk business.
In July 2014, seven members of the three founding families of Deiulemar were jailed for illegal financial transactions as the company collapsed. At that time the group controlled 20 ships via two companies, Deiulemar Compagnia di Navigazione and Deiulemar Shipping.
They were found guilty of fraudulent bankruptcy, having transferred their assets to Maltese, Swiss, and British Virgin Islands trusts to avoid their exposure to creditors and the 13,000 retail investors from Torre del Greco who subscribed to their bonds.
Another founder, Michele Iuliano, died of a heart attack during a police raid on his home at the height of the scandal in May 2012.