Reuters reported that the management board of Italian steel group ILVA has resigned, following the seizure of 8 billion euros of assets from its controlling company in connection with allegations of environmental crimes.
ILVA said in a statement that the resignation of the board, led by Chief Executive Mr Enrico Bondi and President Mr Bruno Ferrante, would be presented at a meeting of shareholders on June 5, when a new board would be nominated.
ILVA, whose main plant in the southern city of Taranto is Europe's largest, has been under special administration since July last year and prosecutors are also investigating its main shareholder, Mr Emilio Riva, for tax evasion.
ILVA provides work for about 20,000 people around Taranto, making it one of the biggest employers in a region with high unemployment and little industry.
Tags: JIS3106 SM490B steel, JIS3106 SM490A steel, JIS3106 SM400C steel
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