The confiscation of assets worth over 2 million euros has been ordered
The Court of Foggia has sentenced two entrepreneurs to two years and six months in prison for tax and bankruptcy crimes. The confiscation of movable and immovable assets worth over 2 million euros was ordered at the request of the local Public Prosecutor’s Office.
The Court of Foggia has sentenced two entrepreneurs to two years and six months of imprisonment, as well as the confiscation of assets worth more than 2 million euros, for bankruptcy and tax crimes. The request was made by the local Public Prosecutor’s Office.
The investigations, launched during a tax audit conducted by the Foggia Group on a wholesale and retail business of building materials, revealed a continuous flow of “under the table” sales, documented through parallel accounting. The goods were sold without an invoice and accompanied by accounting documents similar to transport documents, but without tax value.
The irregular transactions were recorded in a parallel accounting system, hidden in the company’s IT system through a technical device, which excluded them from the official accounts. A warehouse unknown to the tax authorities, used for the parallel activity, was also discovered.
The investigation clarified that the company’s state of financial crisis, which had led to the use of the composition with creditors, was in reality due to the continuous diversion of company assets even during the insolvency proceedings. The de facto administrator of the company, an entrepreneur from Castelluccio dei Sauri, was identified as responsible for the fraudulent operations.
The charges of fraudulent bankruptcy and unfaithful declaration resulted in the two entrepreneurs being sentenced to two years and six months in prison. The confiscation of assets includes four buildings and four lands, merged into companies under Irish and English law, for a total value of €2,044,030.75, corresponding to the profit from the proven crimes.
Despite the seriousness of the circumstantial evidence, the accused cannot be considered guilty until a final sentence is reached.
