Italian Judge Seizes $84M in Assets from Top Business Figures Over Tax Fraud Allegations

An Italian judge has confiscated assets valued at nearly 75 million euros from five individuals, including John Elkann, the chair of Stellantis and Ferrari, amid a tax fraud investigation. The case revolves around the Elkann family's inheritance and an alleged scheme to evade Italian tax laws.

An Italian judge has seized assets worth almost 75 million euros ($84 million) from five individuals, including Stellantis and Ferrari Chair John Elkann, prosecutors announced on Friday. This action is part of an ongoing investigation into alleged tax fraud.

Launched earlier this year, the investigation alleges that Elkann and his siblings failed to pay taxes in Italy on assets inherited following the 2019 death of their grandmother, Marella Caracciolo, wife of late Fiat boss Gianni Agnelli. This case is a chapter in a larger inheritance dispute pitting the Elkanns against their mother, Margherita, dividing one of Italy's most prominent business families.

Prosecutors in Turin stated that Caracciolo had been a resident in Italy since at least 2010, contrary to claims she lived in Switzerland, making her estate subject to Italian tax laws. They classified the Swiss residency claims as part of a 'criminal plan' to conceal her substantial assets and related income from Italian tax authorities.

Other individuals targeted by the asset seizure include Elkann's siblings Lapo and Ginevra, his accountant Gianluca Ferrero, and Swiss notary Urs von Grunigen, who served as estate executor. John Elkann, also the CEO of the Agnelli family holding company Exor, could not be reached for immediate comment. ($1 = 0.8957 euros)

(With inputs from agencies.)