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Privilege Yachts’ CEO arrested


According to Italian news source La Nazione, the Rome-based shipyard Privilege’s former CEO has been placed under house arrest following charges of fraudulent activity. Mario La Via and former manager Antonio Battista have been connected to offenses involving tax crimes, violating anti-mafia legislation and failing to declare his company as bankrupt while applying for further loans. In September 2011 was the first to report about a 127 metre superyachtunder construction at the shipyard. This project remains incomplete.

Following the charges, the company’s estate, with a value of approximately€25,000,000, has been seized by financial authorities. An estimated debt in excess of €180,000,000 forced financial police to take these steps. The fate of the company and its management remains unknown.

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