- John Elkann, chairman of Ferrari and Stellantis, is embroiled in a tax dispute.
- Authorities reportedly seized nearly $84 million from five individuals involved in the case.
- The dispute appears to largely center around whether Elkann’s grandmother lived in Italy.
The Agnelli and Elkann families are some of the most powerful names in the automotive industry, but John Elkann is taking a big hit today as an Italian judge has reportedly seized some of his funds as part of an investigation into alleged tax fraud.
Reuters is reporting that nearly €75 ($83.7 / £62.9) million worth of money and assets were seized from five people including the chairman of Ferrari and Stellantis. The case is complex, but authorities allege that John, as well as 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.
More: Stellantis Dealers Blast CEO For ‘Devastating’ Brand Collapse, Company Fires Back
The publication quotes prosecutors as saying an investigation found Caracciolo was living in Italy and not Switzerland, so the inheritance should have been taxed there. Authorities reportedly went on to claim the effort trying to show Caracciolo lived in Switzerland was part of a “criminal plan to hide her substantial assets and related income from Italian inheritance and tax laws.”
However, lawyers for the Elkanns refuted this and said Caracciolo had been a resident of Switzerland since the early 1970s. They went on to say their clients are innocent.
It sounds like the dispute is far from over and there’s a lot of money at stake as Il Fatto Quotidiano reported the estate was worth over €800 ($892 / £670) million. Margherita Agnelli is also said to be waging a legal battle over the inheritance and it’s enough to make your family drama look small in comparison.
Only time will tell how everything pans out, but it appears the tax issue largely comes down to how much time Caracciolo spent in Italy. Anything over 183 days would reportedly make her a resident of the Italian Republic.
