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☆ Sunken superyacht believed to contain watertight safes
▼ + stars: | 2024-09-21 | by ( Barbie Latza Nadeau | ) edition.cnn.com time to read: +6 min

Lynch was associated with British, American and other intelligence services through his various companies, including the cyber security company he founded, Darktrace. The chef, whose body was found outside the vessel, died by drowning, the coroner said. Local prosecutor Ambrogio Cartosio said no personal effects, including computers, jewelry or Lynch’s hard drives had been recovered from the vessel. The vessel did not have a traditional black box or voyage data recorder to record navigation data or audio on the bridge. The costs of raising the ship will fall to its owner, Lynch’s widow, as is mandated by Italian maritime law.

Persons: Rome, Mike Lynch, Lynch, Thoma, David Cameron, Theresa May, ” Francesco Venuto, Hannah, Chris Morvillo, Neda, Jonathan Bloomer, Judy, Recaldo Thomas, Bloomer, Lynch’s, Angela Bacares, James Cutfield, Lynch “, Morvillo, Hewlett Packard, Raffaele Cammarano, Stephen Chamberlain —, Darktrace —, Cutfield, Chamberlain, Ambrogio Cartosio Organizations: Rome CNN —, CNN, Italian Prosecutors, Thoma Bravo, Revtom, Fire Brigade, Civil Protection Agency, Hewlett, Autonomy, Local, Italian Locations: Sicily, British, Chicago, Russia, China, American, Italy

Divers scouring the wreckage of the superyacht that sank off the Sicilian coast have found the body of the last person missing from the luxury boat, believed to be the daughter of a British tech magnate. The body of Mike Lynch's 18-year-old daughter Hannah was discovered early Friday, the Italian Coast Guard said, according to the Associated Press news agency — the culmination of a challenging five-day rescue operation. One other body, of the ship’s cook Recaldo Thomas, was recovered shortly after the accident. The local prosecutor's office has launched an investigation, though no cause or possible suspects had been publicly identified. Italian prosecutors investigating the case have scheduled a news conference on Saturday.

Persons: Mike Lynch's, Hannah, Lynch, Recaldo Thomas, Morgan Stanley, Jonathan Bloomer, Judy Organizations: Italian Coast Guard, Associated Press, Palermo, Morgan, Morgan Stanley International, AFP, Getty Locations: British, United States, Sicily’s

☆ Now we know how much it costs to make a $2,800 Dior bag
▼ + stars: | 2024-07-03 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Prosectors said these companies exploited workers to pump out bags for a small fraction of their store price. According to documents examined by authorities, Dior paid a supplier $57 to produce bags that retail for about $2,780, Reuters reported last month. Court documents showed that Dior, a subsidiary of LVMH, submitted a memo highlighting its supply chain improvements, the Wall Street Journal reported Tuesday. Advertisement"It's not something sporadic that concerns single production lots, but a generalized and consolidated manufacturing method," said court documents seen by Reuters about the decision to place Dior under administration. "The main problem is obviously people being mistreated: applying labour laws, so health and safety, hours, pay," Milan Court President Fabio Roia told Reuters earlier this year.

Persons: —, LVMH, Prosectors, Dior, Giorgio Armani, Armani, Fabio Roia, Bernard Arnault, Delphine Organizations: Service, Business, Reuters, LVMH, Wall Street, Bloomberg, Dior Locations: Milan, China

☆ Booking.com settles Italian tax dispute with 94-million euro payment
▼ + stars: | 2023-11-10 | by ( Emilio Parodi | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Nov 10 (Reuters) - Travel website Booking.com (BKNG.O) has agreed to pay about 94 million euros ($100.25 million) to settle a tax dispute in Italy, Genoa prosecutors said on Friday. Italy's Guardia di Finanza tax police alleged in June 2021 that Booking.com evaded 153 million euros of value added tax (VAT) in connection with holiday rentals from 2013 to 2019. Last November, Dutch magistrates accepted a European investigation order (OIE) sent by Italy allowing Italian prosecutors to question two former Booking.com chief financial officers as part of the investigation. Private accommodation sites which are not professionally run often have no VAT number, and Italian tax authorities believe the online travel agency should in such cases act as a withholding agent, collecting tax. In another similar case involving a company's responsibility to collect tax on behalf of tax authorities, an Italian judge on Monday seized 780 million euros from short-term rentals platform Airbnb (ABNB.O).

Persons: Dado Ruvic, Booking.com, Italy's, Toby Sterling, Alvise Armellini, Aurora Ellis Organizations: REUTERS, Apple, Facebook, Italian Revenue Agency, Prosecutors, U.S ., Holdings, Union, Thomson Locations: Italy, Genoa, Booking.com, Netherlands, Friday's, Italian, Delaware, Amsterdam

☆ Italy's Top Court Removes Block to Regeni Murder Trial
▼ + stars: | 2023-09-27 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +2 min

ROME (Reuters) - Italy's top court ruled on Wednesday that the trial of four Egyptian security officials over the disappearance and murder of an Italian student could go ahead, despite concerns the defendants did not know they had been charged. Reviewing the issue, Italy's top court said in a statement that the legal code relating to this question was unconstitutional given the lack of cooperation from the suspects' home state, opening the way for the trial to resume. Giulio Regeni, a postgraduate student at Britain's Cambridge University, disappeared in Cairo in January 2016. Italian and Egyptian prosecutors investigated the case together, but the two sides later fell out and came to very different conclusions. Italy's legal system is notoriously slow and there was no immediate indication of when the trial might resume.

Persons: Francesco Lo Voi, Giulio Regeni, Magdi Sharif, Tarek Sabir, Hisham Helmy, Ather Kamal, Sharif, Crispian Balmer, Marco Carta, Bill Berkrot Organizations: Britain's Cambridge University, Egypt's General Intelligence Locations: ROME, Rome, Cairo, Cairo city, Italian, Italy

Cinven this month signed an accord with GIC, Singapore's sovereign fund, and another two investors to purchase from them 140 million euros of Tier2 Eurovita bonds, the source added. Cinven, which acquired Eurovita in 2017, also launched a tender offer to buy back another 20 million euros of bonds from investors including Italian financial institutions, so that only around 9 million remain outstanding, the source said. Italian insurance authorities placed Eurovita under special administration this year, the first time they have taken such a step, after rising rates blew a hole in the life insurer's cash reserves. Instead, Cinven was asked to carry out the debt buyback and cancel the bonds to support a solvent liquidation, one of the people added. Like other life insurers, especially those relying on banks to sell products, Eurovita was hit by early redemptions once rates started rising and savers sought better returns.

Persons: Matthew Childs, Cinven, Eurovita, Assicurazioni, Valentina Za, Emilio Parodi, Josie Kao Organizations: REUTERS, Reuters, GIC, Germany's Allianz, Allianz, Thomson Locations: London, Britain, Cinven

☆ Special Report: US, Swedish prosecutors study graft complaint naming son of Turkey's Erdogan
▼ + stars: | 2023-06-26 | by ( David Gauthier-Villars | ) www.reuters.com time to read: +16 min

The proposed plan was detailed in communications and business documents seen by Reuters, as well as by a person familiar with the matter. A screengrab shows information about the AL-100K dashboard breathalyzer on the website of Swedish company Dignita Systems. Reuters was unable to confirm independently whether President Erdogan and his son Bilal were aware of, or had involvement in Dignita's alleged kickback scheme. Ibn Haldun University was founded by Turgev, a charity organization President Erdogan helped create in the 1990s, when he was mayor of Istanbul. In 2016, Italian prosecutors conducted a money-laundering probe into Bilal Erdogan on suspicion he had brought cash into the country without declaring it.

Persons: Recep Tayyip Erdogan, Erdogan, Dignita, Bilal Erdogan, Anders Eriksson, Bilal, Dignita's, Scott Greytak, Ibn Haldun, Turgev, Erdogan's, Eriksson, Irfan Gunduz, Gunduz, Erdogan’s, " Eriksson, Bilal –, Bilal Erdogan –, – Dignita, Smart, Matthew Strausz, Anders, David Gauthier, Daniel Flynn Organizations: Reuters, Dignita Systems, Dignita's U.S, Turkish, U.S . Department of Justice, International U.S, DOJ, Smart, Apollo Global Management, North Atlantic Treaty Organization, NATO, Nordic, Swedish, Ibn Haldun University, Ibn, Dignita, Tugva, BMZ, Islamic, Smart Start, Thomson Locations: United States, Sweden, Swedish, U.S, Turkey, Washington, States, Texas, Ankara, Stockholm, Istanbul, Turkish, Tugva, Islamic State, Syria, Russia, American, Gunduz

☆ Factbox: The 'Ndrangheta: Italy's most powerful mafia group
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +4 min

May 3 (Reuters) - Italy's 'Ndrangheta has supplanted Sicily's Cosa Nostra as the country's most powerful mafia organisation, and has spread across Europe and the rest of the world. ORIGIN, CELEBRITY KIDNAPPING AND COCAINEThe 'Ndrangheta originates from Calabria, the impoverished southern region at the tip of Italy's boot. Its name is believed to come from the ancient Greek words "andros" and "agathos", meaning brave or valiant man. POWER AND WEALTHIn its latest six-monthly report, Italy's Anti-Mafia Investigative Directorate (DIA) calls the 'Ndrangheta "the absolute dominant force in the criminal world" well beyond its home turf of Calabria. In 2008, Italian research group Eurispes valued the 'Ndrangheta's annual turnover at a staggering 44 billion euros ($48.54 billion), about 3% of Italy's gross domestic product at the time.

☆ Silk-FAW drops plan to build Italian plant for electric sports cars
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

The facility was part of a wider plan to invest more than a 1 billion euros ($1.1 billion) to build electric cars in Italy under the Hongqi brand. The document includes acknowledgement by the Emilia-Romagna region of Silk-FAW's decision. Silk-FAW did not respond to a request for comment via the company's website. Two sources close to the matter said Italian prosecutors were investigating the Silk-FAW project. Silk-FAW did not respond to a separate request for comment on the matter via the company's website.

☆ Italian prosecutors probe response to migrant tragedy
▼ + stars: | 2023-03-02 | by ( Angelo Amante | ) www.reuters.com time to read: +2 min

The same request has been made to the Coast Guard, Italian media reported. There was no immediate comment from the Coast Guard or the prosecutors. Italian President Sergio Mattarella visited survivors in a local hospital on Thursday, handing out toys to children. Frontex said the boat was sailing without signs of distress but it alerted the Italian authorities as its thermal cameras indicated there could be a number of people below deck. Media have questioned why the Coast Guard, whose vessels are better equipped to face rough seas, was not deployed until it received an emergency call the next morning.

However, two sources briefed on the matter told Reuters that the cap did not apply to MPS, based on the Treasury's interpretation of the rule. The salary cap compares with Lovaglio's current pay of 466,000 euros a year with no variable compensation, which is already well below peers. The MPS rescue deal Italy agreed in 2017 with European Union authorities cost taxpayers 5.4 billion euros. In November he worked with Rome to pull off a make-or-break 2.5 billion euro new share issue that saw Italy pump another 1.6 billion euros into MPS. MPS already enforces EU-mandated caps to its top executives' pay, which cannot total more than 10 times the average employee salary.

☆ Italian prosecutors drop Congo case against Eni CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

MILAN, Feb 8 (Reuters) - Milan prosecutors do not plan to pursue a case against the head of Italian energy group Eni (ENI.MI) over oil permits granted in Congo Republic, they said on Wednesday. The magistrates formally requested the dismissal of a charge against Eni CEO Claudio Descalzi for alleged failure to declare a conflict of interest. They also asked that charges of alleged undue inducement be dropped against Descalzi's wife, Marie Madeleine Ingoba, and six other people including former Eni executives. "Eni CEO's non-involvement in the allegations made long ago by the public prosecutor is now confirmed," the company added. Eni has said it had no role in the allocation of licences or in the Congo Republic government's choice of local partner.

☆ Sicilian mafia boss arrested after 30 years on the run — the last of Italy's most-wanted crime lords
▼ + stars: | 2023-01-16 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Matteo Messina Denaro, the boss of Sicily's Cosa Nostra mafia group, was arrested on Monday. He became a fugitive on Italy's most-wanted list in 1993, tied to a series of murders and bombings. His capture followed the arrests of other crime kingpins who had been on the run for decades. He is the last of Italy's three most-wanted mafia bosses who eluded capture for decades, per Sky News. Mafia "boss of bosses" Salvatore Riina, who spent 23 years as a fugitive, was captured in 1993.

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