Italy Seizes Record Assets from Wind Farm Tycoon
April 3rd, 2013Via: BBC:
The Italian authorities have seized assets worth 1.3bn euros ($1.7bn: £1.1bn) from a Sicilian businessman involved in renewable energy.
Investigators allege that Vito Nicastri was a front man for the Mafia, or Cosa Nostra, investing illegal earnings in his business empire.
The anti-mafia agency said in a statement it was the biggest ever seizure of mafia-linked assets.
Mr Nicastri has been confined to his home town as investigations continue.
The 57-year-old’s assets include 43 wind and solar energy companies and 98 properties.
So heavily was Mr Nicastri involved in renewable energy, Italian media dubbed him the “Lord of the Wind”.
Arturo de Felice, head of the anti-mafia agency, said: “This is a sector in which money can easily be laundered.”
Mafiosi constantly seek to penetrate areas of legitimate business activity, the BBC’s Alan Johnston reports from Rome.
Not only are they drawn by the profits that can be made in normal trading but they can also use their connections in these areas to launder money that they have made elsewhere in illegal activities such as extortion or drug-trafficking, he adds.
