Economy

xchrom

(108,903 posts)

11. Venice flood barrier executives arrested in massive fraud swoop

Fri Jul 12, 2013, 08:49 AM

Jul 2013

http://uk.reuters.com/article/2013/07/12/uk-italy-venice-fraud-idUKBRE96B0E220130712

(Reuters) - Police conducted dawn raids on Friday on companies across Italy linked to the construction of Venice's flood barrier, arresting seven people suspected of rigging lucrative contracts for the multi-billion euro project.

Police are investigating whether the consortium that is managing the building work on behalf of the government fixed the bidding process in favour of local companies and paid off others with public funds to keep them quiet.

In the early hours, several hundred tax police conducted 140 raids on companies associated with the "Moses Project" all over Italy, placing seven people under house arrest and forbidding seven others from travelling.

The cost of building flood barriers to save Venice from sinking into the lagoon on which it is built doubled to 4.3 billion euro (3.7 billion pounds) a year after construction began in 2004. Building is now roughly 75 percent complete, according to a project website.

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