Keybridge Capital (ASX:KBC) has obtained asset freezing orders from the Milanese Court against Nicholas Bolton and his Italian entity, Crotto del Nino.
The orders, known as sequestro conservativo, cover property valued up to $4.7 million, specifically targeting a luxury waterfront residence on Lake Como.
The court heard that the villa was allegedly acquired in July 2024 using funds transferred from a Keybridge subsidiary.
The Italian injunction follows a similar freeze placed on Bolton's Australian assets by the NSW Supreme Court in September 2024.
The current recovery efforts are being spearheaded by Keybridge’s largest shareholder, WAM Active (ASX:WAA), which is seeking to repatriate the funds for the benefit of all shareholders.
While recovery proceedings continue in New South Wales, the Italian court has also ordered Bolton and Crotto to cover the legal costs of the European proceedings.