Stellantis and Ferrari Chair Faces Tax Evasion Allegations

Italian tax authorities have launched a probe into suspected tax fraud involving John Elkann, Chair of Stellantis and Ferrari, and his siblings. The family allegedly failed to pay taxes on inherited assets from their grandmother. Seized assets are worth approximately 75 million euros. The investigation centers on tax liabilities related to inheritance.

The Italian tax police are investigating a case of alleged tax fraud connected to high-profile individuals, including John Elkann, Chair of Stellantis and Ferrari. The investigation's focus is on allegations that Elkann and his siblings did not declare taxes on assets that they inherited in 2019 from their grandmother, Marella Caracciolo, widow of the late Fiat head, Gianni Agnelli.

A broader legal dispute over Gianni Agnelli's estate has led to financial division in one of Italy's renowned business families. This year, the court has seized assets worth nearly 75 million euros from the individuals involved. Turin prosecutors aim to collect documents about share transfers within Dicembre, a holding company at the center of this case.

The investigation suggests documents related to a significant share transfer in 2004 might be inadequate or falsified. Prosecutors also claim that Caracciolo was an Italian resident since 2010, which means the inheritance should have been taxed in Italy rather than Switzerland. However, the Elkann family maintains that Caracciolo resided in Switzerland since the 1970s.

(With inputs from agencies.)