Risam srl shares seized amid waste management fraud probe

Italian authorities have seized 100 percent of the shares of Risam srl, the company responsible for waste collection and street cleaning services in Agrigento and Siracusa. The seizure follows an investigation by the Prosecutor's Office of Nocera Inferiore into corporate maneuvers involving the Tektra group.

Investigators are examining the transition of environmental services from Tektra to Risam, which occurred via a business branch lease agreement. The probe, coordinated by prosecutor Luigi Alberto Cannavale and executed by the Guardia di Finanza, focuses on allegations of fraudulent bankruptcy, tax evasion, and the fictitious registration of assets or corporate shares. Authorities suspect that certain corporate operations may have been designed to shield assets and resources from the state to avoid debt collection regarding millions of euros owed to the Treasury.

Four individuals have been placed under investigation: Alessio Balestrieri, Antonio Balestrieri, Vincenzo Novi, and Vincenzo Vanacore. A judicial administrator has been appointed to oversee the company's operations.