Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Italy police seize 1.6 billion euros of assets in mafia bust

Published 08/07/2015, 09:04
Italy police seize 1.6 billion euros of assets in mafia bust

ROME (Reuters) - Italian police said on Wednesday they had seized assets worth more than 1.6 billion euros (1.15 billion pounds) from five Sicilian siblings suspected of links to the island's Cosa Nostra mafia.

The criminal group allegedly helped the three brothers and two sisters, described as "businesspeople" from the area around the Sicilian capital, Palermo, to receive construction contracts related to public works.

Palermo police said in a statement they had sequestered real said was one of the biggest of its kind they had ever carried out.

Cosa Nostra, along with the Calabrian 'Ndrangheta and the Camorra around Naples, has long plagued Italy, and in recent years their activity has spread to northern cities from their southern heartland. Three years of recession have helped deep-rooted corruption to flourish.

Italy ranking 69th of 177 countries in global anti-corruption group Transparency International's 2014 Corruption Perceptions Index, joint last in the European Union.

Police are due to give further details of the investigation at a press conference in Palermo later on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.