Real estate worth 40m confiscated from Miraglia textiles
25 Oct '06
1 min read
Textiles group Miraglia having retail stores across the Italy, has been found guilty of fiscal and company crimes as well as recurring bankruptcies. Excise and tax department of Palermo financial police conducted preventive seizure of real estate worth 40 million euros from the group.
Deputy prosecutors Alessandra Puglisi and Gaetano Guardi along with associate prosecutor Roberto Scarpinato issued the seizure.
Further investigation revealed that Miraglia had directly or indirectly siphoned off personal property and real estate, and also taken off surety of creditors by preplanned sales to other companies.
The seizure took place as a result of real estate sales of convenience, break up operations, incorporation mergers and real estate spin-offs and it involved firms with heavy debts to maintain real estates and obtain finance.
Unlawful activities of management of the group and its partners caused companies the loss of capital and shattered trust of creditors.
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