Italian police seize art in Tanzi case

MILAN, Italy, Dec. 5 (UPI) -- Italian authorities have seized nearly $150 million in artwork they say had been concealed by convicted Parmalat founder Calisto Tanzi.

The 19 paintings and drawings included works by Picasso, Monet and Van Gogh, the BBC reported Saturday. The British broadcaster said Italian newspapers had reported previously this week that Tanzi had denied owning any secret art collection.

The pieces were taken from houses belonging to friends of the Tanzi family. Tanzi's son-in-law, Stefano Strini, is suspected of handling the artwork, the BBC said.

Officials said the artwork was in the process of being sold when it was seized.

"We got lucky," Parma prosecutor Gerardo Laguardia told Italy's Sky TG24 TV. "We learned that there were negotiations under way to sell one of the paintings."

Parmalat, a food and dairy corporation, went from one of Italy's leading companies to Europe's biggest bankruptcy when it was hit by a fraud scandal in 2003.

Tanzi was sentenced in Milan to 10 years in prison for fraud in 2008. He is free pending his appeal in that case. He is being tried in Parma for fraudulent bankruptcy.