April 1, 2014

Italy: Police Seize US $820 Million of Deceased Businessman’s Assets
News
On Sunday, Italian authorities seized US $820 million worth of assets belonging to Vincenzo Rappa, a deceased Sicilian businessman.

In 2007, Rappa was sentenced to four years in prison for Mafia association. Upon his death in 2009, his assets were transferred to his sons and nephews.

Italy’s Antimafia Code allows authorities to confiscate property up to five years after the death of someone charged with links to organized crime.

Rappa’s properties were seized a few days before the deadline, and included villas, buildings, land, the TV broadcaster Trm, the advertising agency Publimed, several luxury-car resellers, and construction companies.

According to the Italian newspaper Livesicilia.it , Rappa belonged to one of the most prominent business families in Sicily.

Part of his success came from his cooperation with the Sicilian Mafia, to which he would pay “conspicuous sums of money” for major construction and public works tenders, authorities said.