John Elkann, the chair of Ferrari and Stellantis, has reached a settlement regarding a dispute over inheritance tax in Italy. As part of the resolution, he and his siblings, Lapo and Ginevra, will pay €183 million (£159 million) to the Italian tax authorities. This settlement does not include any admission of liability, as stated by Elkann’s attorney.
The case revolves around the estate of Elkann’s grandmother, Marella Caracciolo, who passed away in 2019. Prosecutors had accused the Elkann siblings of failing to declare approximately €1 billion in assets and €248.5 million in income, based on the argument that their grandmother was a Swiss resident. The prosecutor’s acceptance of the settlement has led to a request to dismiss a criminal case against Elkann’s siblings, which has been accepted by a judge.
In addition to the financial settlement, Elkann will be required to complete one year of community service. Potential options for this service include working at a facility for the elderly or at a center for individuals struggling with drug addiction. Elkann must propose the specific location for his community service.
This legal matter is part of a broader family dispute concerning the estate of Gianni Agnelli, the late Fiat leader and Elkann’s grandfather, who passed away over two decades ago. A civil case concerning the estate is still ongoing, with Elkann’s mother, Margherita Agnelli, engaged in litigation to overturn agreements made after her husband’s death. She inherited €1.2 billion and seeks to ensure that her wealth is distributed to her five children from a subsequent marriage rather than her three eldest.
Elkann has been involved with Fiat since 1997 and has been leading Stellantis since 2021, and Ferrari since 2018. His lawyer emphasized that the outcome of the proceedings aims to conclude a difficult situation for Elkann and his family.
Source: https://www.bbc.com/news/articles/c8d7q99yd06o?at_medium=RSS&at_campaign=rss