Reuters: Italy May Change Law to Restart Riva Steel Ops
09/18/2013 - Italy may change the law to allow steelmaker Riva Acciaio to use cash seized as part of a move against the group's parent to ensure it can restart production at plants suspended last week and preserve jobs, the industry minister said on Wednesday, Reuters reports.
Last week Riva, owner of one of Europe's largest steel mills, halted plants in northern Italy and sent home 1,400 workers after an asset freeze blocked banking operations, making it impossible for the group to run the plants.
The seizure was part of a widening probe into alleged environmental crimes at parent group Riva's Ilva operations in southern Italy.
The possible change will be discussed at a cabinet meeting on Friday, Industry Minister Flavio Zanonato told parliament.
"We are studying the option of adding a paragraph to Article 104 of the criminal procedure code, which in case of a seizure would also leave liquidity in the hands of the court officer to allow operations to continue," Zanonato said.
Click here to read this Reuters story.
Source: http://www.reuters.com/article/2013/09/18/italy-riva-idUSL5N0HE20120130918
The seizure was part of a widening probe into alleged environmental crimes at parent group Riva's Ilva operations in southern Italy.
The possible change will be discussed at a cabinet meeting on Friday, Industry Minister Flavio Zanonato told parliament.
"We are studying the option of adding a paragraph to Article 104 of the criminal procedure code, which in case of a seizure would also leave liquidity in the hands of the court officer to allow operations to continue," Zanonato said.
Click here to read this Reuters story.
Source: http://www.reuters.com/article/2013/09/18/italy-riva-idUSL5N0HE20120130918
