75 million euros were seized from Stellantis Chair Elkann

Five persons have had money and assets taken by an Italian judge totaling about 75 million euros ($84 million), including Stellantis (STLAM.MI) and Ferrari (RACE.MI). Prosecutors stated on Friday that they were looking into claims of tax fraud involving Chair John Elkann.
Elkann and his siblings Lapo and Ginevra are accused of not paying taxes in Italy on properties they received following the death of their grandmother Marella Caracciolo in 2019, who was the late Fiat leader Gianni Agnelli’s wife. The investigation was launched earlier this year.The case is the result of a larger inheritance battle that has split one of Italy’s most well-known business dynasties between the Elkanns and their mother Margherita over the Gianni Agnelli estate.
Prosecutors in the northern city of Turin said in a statement that their investigation indicated that Caracciolo was a resident in Italy from at least 2010 and not Switzerland, and that her inheritance therefore should have been taxed in Italy.
There was “a criminal strategy to hide her large assets and related income from Italian inheritance and tax rules,” they added, refuting assertions that she had been located in Switzerland.
The Elkanns’ attorneys said that the seizure was merely a formality in the case and did not indicate any defendant wrongdoing.
“We underline that Marella Caracciolo had been residing in Switzerland since the early 1970s, well before the Elkann brothers were born. “Throughout her life, her desire to live in Switzerland has never wavered,” they stated in a statement.”We are still confident that we can demonstrate that our defendants are not connected to the allegations,” attorneys stated.
Gianluca Ferrero, John Elkann’s accountant, and Urs von Grunigen, a Swiss notary who served as the estate executor, are among the other individuals who were targeted by the seizure.
Exor, the holding business of the Agnelli family, is led by John Elkann as CEO.