The fraud investigation unit of the Tax Office, the FIOD, has uncovered a major fraud case involving property investments in Italy. The independent supervisory authority for savings, investment and insurance markets (AFM) had reported WSM, a property and project development company, to the Tax Office, claiming that WSM did not conform to the standards set by AFM.
WSM offered to invest in Italian real estate on behalf of 130 private investors. The financial supervisory authority suspected that return on investment was paid with money from new investors. It is estimated that up to ten million euros have been paid by private investors to WSM. The FIOD made two arrests in Amsterdam and Hilversum, after conducting searches in private homes.
Sunday, May 17, 2009
Monday, May 11, 2009
Embattled Kelly in talks with Anglo to save property portfolio
The developer has 40-plus partnerships in Ireland and overseas, and is involved in projects with total debts of more than €2 billion.
The complexity of the deals has prompted Anglo to hold off from moving on Kelly’s various businesses. While many of the projects he backed are not in difficulty, he is understood to be facing particular problems with a $1 billion scheme in Florida. He also backed Tulfarris House & Golf Resort in Wicklow and the Thomas Read group of pubs and restaurants, both of which are in receivership.
Anglo recently seized the assets of the Dublin company behind Pragelato Village, a €100 million, five-star ski resort in northern Italy that was backed by Kelly.
The complexity of the deals has prompted Anglo to hold off from moving on Kelly’s various businesses. While many of the projects he backed are not in difficulty, he is understood to be facing particular problems with a $1 billion scheme in Florida. He also backed Tulfarris House & Golf Resort in Wicklow and the Thomas Read group of pubs and restaurants, both of which are in receivership.
Anglo recently seized the assets of the Dublin company behind Pragelato Village, a €100 million, five-star ski resort in northern Italy that was backed by Kelly.
Tuesday, May 5, 2009
Mafia linked property seized
Italian police said on Tuesday they have seized more than 300 million euros (400 million dollars) in real estate and funds from 13 suspected members of the Sicilian Mafia who were arrested in 2007.
The 13 include Salvatore Biondino, 56, who was the driver of former Cosa Nostra supremo Toto Riina, Palermo financial police said in a statement.
Riina, arrested in 1993, is serving multiple life prison terms.
The investigation codenamed Scanner involved some 70 businesses, and the "seized property represented the illegal fruit of Mafia activities," it said.
The property includes land, villas, apartments, companies, business facilities and bank accounts, it added.
The 13 include Salvatore Biondino, 56, who was the driver of former Cosa Nostra supremo Toto Riina, Palermo financial police said in a statement.
Riina, arrested in 1993, is serving multiple life prison terms.
The investigation codenamed Scanner involved some 70 businesses, and the "seized property represented the illegal fruit of Mafia activities," it said.
The property includes land, villas, apartments, companies, business facilities and bank accounts, it added.
Thursday, April 30, 2009
Italy Seizes Millions in Assets From Four Banks
The Guardia di Finanza in Milan, the financial police of Italy, took over real estate properties, bank accounts and stock holdings on Monday to assure it could collect from the banks if their officials were found guilty and the banks were held responsible.
The seizures stem from the banks’ handling of a $2.2 billion municipal bond issue and related financial contracts known as swaps that Milan undertook to retire other debt in June 2005. The lead prosecutor accused the bankers of misleading the city and falsely claiming that the deal would generate savings. If all the costs had been properly included, the prosecutor said, the entire deal would have been illegal under a national law that allows restructuring of debt only if it produces a savings.
The seizures stem from the banks’ handling of a $2.2 billion municipal bond issue and related financial contracts known as swaps that Milan undertook to retire other debt in June 2005. The lead prosecutor accused the bankers of misleading the city and falsely claiming that the deal would generate savings. If all the costs had been properly included, the prosecutor said, the entire deal would have been illegal under a national law that allows restructuring of debt only if it produces a savings.
Thursday, April 23, 2009
Sicily tipped as one of the first to emerge when the property market recovers
Sicily is the new Tuscany and could be the next hot spot in Europe when property investors start to look for bargains again.
The Italian island is known more for its Mafia connections than its property market but real estate is starting to open up as people become less concerned with holding onto the ancient family pile........
The Italian island is known more for its Mafia connections than its property market but real estate is starting to open up as people become less concerned with holding onto the ancient family pile........
Friday, April 17, 2009
Pirelli RE says no plans to demerge real estate funds
MILAN, April 14 (Reuters) - Italy's Pirelli & C REal Estate SpA said on Tuesday that it had no plans to demerge its real estate funds and sell them.
Pirelli RE, which is controlled by Pirelli & C SpA tyre group, was responding to a La Repubblica newspaper report that cited banking sources as saying a fund demerger was being studied as part of Pirelli RE's capital increase plan.
'Pirelli RE, for its part, denies categorically that operations or even plans of this type are under study,' the company said.
La Repubblica said on Tuesday that a possible option was for Assicurazioni Generali SpA, which is active in real estate, to acquire part of Pirelli RE's real estate funds, citing the banking sources.
Pirelli RE, which is controlled by Pirelli & C SpA tyre group, was responding to a La Repubblica newspaper report that cited banking sources as saying a fund demerger was being studied as part of Pirelli RE's capital increase plan.
'Pirelli RE, for its part, denies categorically that operations or even plans of this type are under study,' the company said.
La Repubblica said on Tuesday that a possible option was for Assicurazioni Generali SpA, which is active in real estate, to acquire part of Pirelli RE's real estate funds, citing the banking sources.
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