Italian real estate investor Danilo Coppola was arrested on Thursday for suspected money laundering and embezzlement in relation to a bankruptcy case. Coppola is the chairman and ceo of the Italian listed real estate company IPI. Trading in the company's shares was suspended. IPI stated it wasn't aware of the alleged crimes.

Italian real estate investor Danilo Coppola was arrested on Thursday for suspected money laundering and embezzlement in relation to a bankruptcy case. Coppola is the chairman and ceo of the Italian listed real estate company IPI. Trading in the company's shares was suspended. IPI stated it wasn't aware of the alleged crimes.

Previously controlled 75% by peer Risanamento, in January 2005 IPI's controlling interest was sold to Coppola's group for about EUR 185 mln, with Risanamento retaining a 9.88% stake. IPI's portfolio includes Turin's Il Lingotto complex. In 1920, this was the largest car factory in the world, and is now home to a convention centre, a concert hall, an art gallery, a shopping centre and a hotel.

IPI owns 12 former Enel's buildings that are worth more than EUR 293 mln. They provide some 135,000 m2 of space in the cities of Rome, Milan, Florence, Venice, Padova, Bologna, Palermo, Torino, Pisa and Como, and some luxury hotels, such as the Daniel's hotel in Rome and Rimini's Grand Hotel.