John Elkann: Chairman of Ferrari and Stellantis Caught in Tax Dispute
The Tax Dispute
- Authorities seize nearly $84 million from five individuals involved in the case.
- The dispute revolves around the residency of Elkann’s grandmother, Marella Caracciolo.
Background
John Elkann, chairman of Ferrari and Stellantis, is facing a significant setback as an Italian judge seizes some of his funds. The seizure is part of an investigation into alleged tax fraud.
Details of the Case
According to Reuters, approximately €75 million worth of money and assets were seized from five people, including John Elkann. The investigation focuses on allegations that Elkann and his siblings, Lapo and Ginevra, did not pay taxes in Italy on an inheritance from their grandmother, Marella Caracciolo, who was married to Fiat boss Gianni Agnelli.
Prosecutors’ Claims
Prosecutors argue that Caracciolo was living in Italy and not Switzerland, where the inheritance was allegedly taxed. They claim that attempts to prove Caracciolo’s residency in Switzerland were part of a criminal plan to evade Italian inheritance and tax laws.
Elkann’s Defense
Lawyers representing the Elkanns refute the prosecutors’ claims and assert that Caracciolo had been a resident of Switzerland since the early 1970s. They maintain the innocence of their clients.
Stakes and Legal Battles
The estate in question is reportedly worth over €800 million. Margherita Agnelli is also involved in a legal battle over the inheritance. The outcome of the dispute remains uncertain.
Residency and Taxation
The crux of the tax issue lies in determining the amount of time Caracciolo spent in Italy. If she resided in Italy for more than 183 days, she would be considered a resident of the Italian Republic.
