In the long list of Italian entrepreneurs who have had dealings with the law firm Mossack Fonseca, based in Panama, published on the website of Italian news weekly L’Espresso, there is a shipowner. Giovanni Fagioli, ceo and chairman of the Rome-based Finaval shipping company, is one of the first 100 Italian names just published and involved in the Panama Papers scandal.
No comment came from Fagioli following a request for a comment on this subject from Splash.
Engaging in financial transactions in tax havens is not a crime or an infringement of administrative regulations under Italian law, provided assets held there and income obtained are declared to the Italian revenue department.
Finaval was founded in 2004 and is active in liquid bulk maritime transport through a fleet of three aframaxes and four MR2 tankers. Among the company’s strategic targets for the future there is also an interest to enter into the gas tanker sector.
