ITALIAN AUTHORITIES INVESTIGATE MAFIA CORRUPTION
Practical information and solutions for Italian property investors.
On the 5th of March 2013 the Italian Authorities published the results of a large international investigation, named “Metropolis”, which looked into the activities of Calabrian mafia groups that were involved in the Calabrian real estate business.
Given the natural beauty of this southern coastal region, there are many innocent international investors who were simply purchasing summer retreats, and now find their investment tangled in the governmental sequestor.
As a result of the Metropolis investigation, the Italian Authorities arrested 20 people on various charges among which were money laundering, association with the mafia, and corruption. Furthermore, the Italian Authorities seized several assets deemed to belong to the group or to be the result of criminal activities, including tourist apartment buildings and residential developments.
The innocent investors who purchased units in good faith over the past years are now wondering what is going to happen to their investment. Some investors had already paid the full price and formalized the purchase deed, other investors had not yet completed the title transfer transaction and others still are fighting the vendor or developer in Court. Each situation is different and each investor has different options available.
To handle the situation the Italian Court has appointed an independent Italian lawyer to act as “Court Guardian” with the duty to look after the seized assets, including the residential real estate developments. The Court Guardian shall addressordinary and extraordinary maintenance of the seized sites, including condominium activities and charges. Also, the Court Guardian shall address possible disputes. The Court Guardian is in the process of appointing a legal advisor to address disputes regarding the seized sites.
Studio Legale Metta has been retained by foreign investors who have purchased in some of these sequestered developments. On behalf of these clients the firm contacted the appointed Court Guardian to obtain information regarding the status of the seized units and the scenario applicable to genuine investors who are involved. In general, investors who have already signed a deed of purchase in front of a notary are safe and their ownership is not at risk. Investors who paid a deposit and have not completed yet could asses if they would like to pursue completion on the property or else contract termination.
To assist those investors who wish to send their information to the Guardian appointed by the Court, find below a letter in Italian and English, that you can copy, paste and fill out with your information to send in. Or you can download it.
DOWNLOAD the letter here (1*).
List of seized residential sites and building companies (2*)
Building company:
METROPOLIS 2007 S.r.l., Bianco (RC);
CA.GI.MM. S.a.s. di SCIPIONE Daniele & C., Bovalino (RC);
CORSILOPE ITALIA S.r.l., Reggio Calabria;
BELLA CALABRIA 2005 S.r.l., Bianco (RC);
B.C. IMMOBILIARE S.r.l., Bianco;
ISCA DREAM S.r.l., Isca sullo Jonio (CZ);
LAGANO COSTRUZIONI S.r.l., Isca sullo Jonio (CZ);
FAIR PROPERTIES S.r.l., Caulonia (RC);
V.B.D. IMMOBILIARE S.r.l., Caulonia (RC);
R.D.V. S.r.l., Roma;
VECO COSTRUZIONI S.r.l., Roma;
F. & C. S.r.l., Brancaleone (RC);
Seized sites:
“Palm View”, Bruzzano Zeffirio (RC);
“The Sands”, Brancaleone (RC);
“Marasusa”, Parghelia-Tropea (VV);
“San Rocco 1”, Bianco (RC
“Residence Vittoria”, Bianco (RC);
“Riace-Pipedo”, Riace (RC);
“Bella Vista 1”, Bianco (RC);
“Stignano Mare”, Stignano Mare (RC);
“Isca Calabretta”, Isca sulla Ionio (CZ);
“Isca Fortunata”, Isca sulla Ionio (CZ);
“Isca Allegra”, Isca sulla Ionio (CZ);
“San Rocco 2”, Isca sulla Ionio (CZ);
“Amusa Mare”, Caulonia (RC);
“Amusa Residential”, Caulonia (RC);
“Vista Montagna”, Caulonia (RC);
“Chiara”, Bianco (RC);
“Gioiello Del Mare”, Brancaleone (RC).
Sample form to the Court Guardian (1*):
Avv. Miriam Frascì
Via Don Giovanni Minzoni, 14
89100 – Reggio Calabria (RC)
Italy
email: miriam.fasci@avvocatirc.legalmail.it
IMPORTANT:
(1*) The above does not represent advice. It is recommended reviewing your specific case circumstances with a legal consultant prior to taking any action.
The lawyers of Studio Legale Metta (Bari) are very active in Calabria and over the years have successfully assisted hundreds of foreign real estate investors buying properties in the region. The international Dispute & Litigation practice of Studio Legale Metta has also been active in the area on behalf of several clients for breach of contract real estate cases.
(2*) The source of this list has not been verified: http://www.lentelocale.it/cronaca/1382-operazione-metropolis-tutti-i-nomi-degli-arrestati
For more information on this or another Italian real estate matter, contact us.