The results of the investigation on Fondiaria-SAI regarding false accounting, as well as manipulation of the market by Salvatore Ligresti, his family and other managers led to the conclusion of Italy's tax police to seize around $333.8 million of the executives' assets.
As a result of their misconduct, at least 12,000 investors were misled by the true position of Fondiaria-SAI. Horrible and significant losses were kept under wraps.
Italy's tax police is set to seize the Milanese estate belonging to Ligresti's family, as well as the chains of luxury hotels they own in Turin, Sicily as well as in the Dolomite region.
Italy's leading insurer had faced difficulties because of the recession. As such, there is a significant decline in the car insurance policies market, cutting the company's profits remarkably.
While many are worried that this arrest will affect Fondiaria's company-salvaging deal with Unipol, the chief executive of Unibank, which is Fondiaria's biggest creditor, gave reassurances that the deal will not be affected.
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