Board of Italy's ILVA steel group quits

ILVA, whose main plant in the southern city of Taranto is Europe's largest, has been under special administration since July last year

Board of Italy's ILVA steel group quits

World Bulletin / News Desk

The management board of Italian steel group ILVA has resigned, the company said on Saturday, following the seizure of 8 billion euros of assets from its controlling company in connection with allegations of environmental crimes.

ILVA, whose main plant in the southern city of Taranto is Europe's largest, has been under special administration since July last year and prosecutors are also investigating its main shareholder, Emilio Riva, for tax evasion.

ILVA said in a statement that the resignation of the board, led by Chief Executive Enrico Bondi and President Bruno Ferrante, would be presented at a meeting of shareholders on June 5, when a new board would be nominated.

ILVA's Taranto plant has embarked on a two-year clean-up operation after prosecutors alleged that toxic emissions had caused abnormally high levels of cancer and respiratory illness in the region.

ILVA said it would mount a legal challenge to the asset seizure, which it said threatened its capacity to continue production.

ILVA provides work for about 20,000 people around Taranto, making it one of the biggest employers in a region with high unemployment and little industry.

Last Mod: 25 Mayıs 2013, 17:35
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