"Police Seize €1.3 Billion in Campari Shares Over Tax Evasion Allegations"

Italian Police Seize €1.3 Billion in Campari Shares Over Alleged Tax Evasion Italian authorities have seized shares worth approximately €1.3 billion from Lagfin, the Luxembourg-based parent company of Campari, over allegations of tax evasion. The high-profile case highlights the importance of tax compliance and the potential consequences of tax evasion in the business world. According to Italian police, the confiscation of the Campari Group shares from Lagfin was ordered as part of a year-long investigation into how the company absorbed its Italian arm. Officials alleged that Lagfin failed to pay a similar figure to that of the shares seized in taxes during that merger. The investigation claims the company also transferred assets for tax purposes. Campari, which also produces popular alcohol brands including Aperol, Grand Marnier, and Courvoisier, has denied any involvement in the case. In a statement, the company said it had always acted according to tax laws. "Neither Campari nor its subsidiaries were involved in the case," the company said. However, chair Luca Garavoglia is facing scrutiny over his role in the alleged tax evasion. Lagfin, the parent company of Campari, has been accused of failing to pay taxes on a similar amount during the merger with its Italian arm. According to Italian police, the company's actions were part of a deliberate attempt to avoid paying taxes. "The investigation revealed that Lagfin had deliberately transferred assets to avoid paying taxes," a police spokesperson said. The seizure of the Campari shares is a significant blow to the company and its parent, Lagfin. The shares, valued at €1.3 billion, represent a substantial portion of the company's assets. The move is also a warning to other companies that tax evasion will not be tolerated. The case highlights the importance of tax compliance in the business world. "Tax evasion is a serious crime that can have severe consequences for companies and individuals," said a tax expert. "This case serves as a reminder that tax authorities will take action against those who fail to comply with tax laws." The current status of the case is unclear, but it is expected to continue for several months. The Italian authorities will likely continue to investigate Lagfin and its parent company, Campari, to determine the extent of their involvement in the alleged tax evasion. The outcome of the case will be closely watched by the business community and tax authorities around the world. In a statement, Campari said it was cooperating fully with the investigation. "We are confident that our actions have always been in compliance with tax laws," the company said. However, the company's chair, Luca Garavoglia, is facing scrutiny over his role in the alleged tax evasion. The case is a reminder that tax evasion is a serious crime that can have severe consequences for companies and individuals. As the investigation continues, it will be interesting to see how the case unfolds and what the outcome will be for Lagfin and Campari.