Accusations of tax evasion at Campari. Italian authorities seized shares worth 1.3 billion euros
Italian authorities have announced they have seized shares worth 1.3 billion euros from Lagfin, the company that controls alcoholic drinks maker Campari, as part of an investigation into alleged tax evasion.
The company said it would “vigorously defend itself”. PHOTO: X/@CSNBulletin
The seizure followed a year-long investigation into how Lagfin took over its Italian subsidiary, accused of failing to pay taxes similar to the amount seized during the merger, according to the BBC.
Prosecutors in Milan said that between 2018 and 2020, Lagfin had recorded 5.3 billion euros in undeclared capital gains without paying “exit tax” applied to companies moving their headquarters abroad. The company is also accused of having transferred Italian assets abroad solely for tax reasons.
Campari chairman Luca Garavoglia and Giovanni Berto, head of the Italian subsidiary, are involved in the investigation, according to local media.
Lagfin – which owns more than 50% of Campari's shares – told the BBC in a statement that “has always acted in strict compliance with all applicable laws and regulations, including Italian tax laws.”
The company said it will “he defends himself firmly”, characterizing the case as a tax dispute, and emphasized that Campari and its subsidiaries were not involved.
Campari, one of the largest global spirits producers, is valued at around €7 billion on the Milan Stock Exchange and owns famous brands such as Aperol, Grand Marnier and Courvoisier.
