Summary
Italian authorities seized $1.5 billion from Lagfin, the main shareholder of the Campari Group, due to tax evasion allegations. The investigation involves potential unpaid taxes on capital gains related to a past merger. The investigation is ongoing, and Lagfin plans to defend itself.
Key Facts
- Italian authorities seized $1.5 billion in assets from Lagfin on tax evasion claims.
- Lagfin controls over 50% of Campari shares and 80% of voting rights.
- The seizure is linked to alleged unpaid taxes of about $1.4 billion from a past merger.
- Campari Chairman Luca Garavoglia is under investigation.
- The investigation began around two years ago after an audit.
- Lagfin states it will vigorously defend its actions in court.
- Campari continues to operate, with a recent 4.4% rise in third-quarter sales.
