Troubled Mega Yacht Builder Mondo Marine
Mondomarine customers and contractors claim that they have been scammed, thus local authorities have begin to investigate possible fraud, false accounting and credit abuses. Several days after the document seizure, Mondomarine’s Guiseppe Dilorenzo, CEO, appeared in court to answer questions related to bankruptcy, fraud and false accounts for the years 2014 through 2016. Questions also revolved around abuse of credit resulting from invoices for non-existing transactions and diversion of funds from company accounts. Prosecutors have not revealed the content of the interrogatory and have indicated other key officials will also be interrogated.
Among the claims against Mondomarine are that the shipyard hasn’t completed construction of luxury yachts for which they have received a of advance money, According to prosecutors, tens of millions of Euros may be involved, making the situation even more complicated. Mondomarine has laid off 57 employees in the Savona shipyard and 33 workers in its Pisa production site. The entire situation threatens the future of Mondomarine.
Earlier in December, the Palumbo Shipping Group submitted a binding agreement to the Italian bankruptcy court to rent the Mondomarine facilities for six months as the first step of a judicial liquidation that will provide a measure of business continuity. Alfa Shipyard in Varazze, has also expressed interest in acquiring the Savona shipyard and hiring most of Modomarine’s employees.
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