MILAN (AP) — Italian tax police mentioned they’re seizing assets price 1.29 billion euros ($1.5 billion) from a Luxembourg-based holding firm’s shares in spirits maker Campari Group as a part of a fraud investigation.
Luxembourg-based Lagfin is the controlling shareholder of Campari, which was based in 1860 and is without doubt one of the largest gamers in the premium spirits trade.
A decide in Monza, northeast of Milan, permitted the seizure order, which police described as precautionary as they appear into allegations of tax evasion. The investigation started with a tax audit following a merger in which Lagfin absorbed its Italian subsidiary.
Lagfin mentioned in a press release Friday that the investigation “is related to a tax dispute that began roughly two years in the past and that has by no means concerned Campari Group in any method by any means.”
Lagfin mentioned it has all the time “acted in essentially the most scrupulous respect of any relevant legal guidelines and laws, together with any Italian tax legal guidelines,” and “will defend itself vigorously.”
Campari Group did not instantly reply to a request for remark. Lagfin mentioned that because it holds greater than 80% of Campari’s voting rights, the seizure is “completely unable” to have an effect on its place as Campari’s controlling shareholder. With ties to the household of Campari Group Chairman Luca Garavoglia, Lagfin began in 1995 and its major function is as Campari’s controlling stakeholder, with greater than 50% of its shares.
Known for its namesake crimson aperitif, Campari additionally owns Aperol and several other international manufacturers, together with Grand Marnier, tequilas and a few American bourbons.
