RBD Armatori shareholders given jail time for tax evasion

RBD Armatori shareholders given jail time for tax evasion

The former management at Naples-based RBD Armatori have collectively been sentenced to over 30 years of jail in a tax evasion case.

Following the guilty verdict delivered by the local court in Torre Annunziata delivered yesterday, Orsola Bottiglieri was sentenced to seven years jail while Giuseppe Mauro Rizzo, Roberto Rizzo, Ugo De Carlini and Grazia Bottiglieri were each given six and a half years.

The length of sentences are more than requested by prosecutor Sergio Raimondi.

The case came about after investigations launched two years ago from a tax audit on the company Rizzo Bottiglieri de Carlini Armatori Spa when financial transactions with foreign companies, most of them based in Luxembourg, raised the suspicions of authorities. According to the prosecutors, all of the Luxembourg companies have the same owners and it alleged that €37m ($43m) in undeclared income was funneled away into them.

Yesterday, KKR-controlled turnaround fund Pillarstone moved take over RBD Armatori as part of a restructuring plan. Pillarstone became the company’s largest shareholder in June when it purchased non-performing-loans from Intesa Sanpaolo and MPS totalling $638m.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.

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