Firm controlling Genoa bridge 'must pay to rebuild it', says Italian government

The Italian government has demanded that the company in control of the collapsed Genoa bridge rebuild it at the firm's own expense.

The transport ministry also says it wants Autostrade (Milan: ATL.MI - news) per l'Italia to complete the rebuild within a limited amount of time and pay to restore buildings and other areas damaged by the collapse.

Autostrade - which says it made regular, thorough safety checks - has been given 15 days to show it met its contractual obligations.

The government has opened an investigation into the toll-road operator following the collapse, which killed at least 38 people.

In a statement, the Italian transport ministry said Autostrade must prove it carried out required work to ensure the proper functioning of the bridge and avoid accidents.

If Autostrade is found to have breached its terms it can be fined up to €150m (£134m).

Deputy Prime Minister Luigi Di Maio warned the state would have to take over the country's motorways if concession-holders could not do the job properly.

As well as claiming at least 38 lives, the Morandi bridge collapse left 15 badly injured, while at least seven have been pulled from the rubble alive.

Stories of miraculous escapes by survivors have begun to emerge, including the case of a man who hung on to the side of the bridge for hours.

Meanwhile, the stories of those who lost their lives when the bridge collapsed have also begun to be told.

Atlantia (LSE: 0I2R.L - news) , controlled by the Benetton family, owns around 88% of Italy's biggest toll-road concessionary.

Atlantia shares have fallen by as much as 25% as investors spooked by threats of government retaliation have dumped the stock.