Summary
Italian police have seized shares worth €1.3 billion from the owner of Campari over alleged tax evasion. The shares were taken from a Luxembourg-based company as part of an investigation into tax payments. The probe looks at whether the company avoided taxes during a merger by transferring assets abroad.
Key Facts
- Italian police seized €1.3 billion in shares from Lagfin, which controls Campari.
- The action is part of a year-long investigation into alleged tax evasion.
- The company is accused of not paying taxes equal to the value of the seized shares.
- Neither Campari itself nor its subsidiaries are directly involved in the case.
- The investigation includes Campari's chair, Luca Garavoglia, among others.
- Lagfin owns over 50% of Campari's shares and holds 80% of its voting rights.
- Prosecutors say Lagfin may have hidden €5.3 billion in capital gains from 2018 to 2020.
- The Campari brand, started in 1860, is valued at about €7 billion on the Milan Stock Exchange.
