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.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
