Italian police on Friday ordered the seizure of shares worth 1.3 billion euros from the Luxembourg holding company that controls the Campari spirits group, accused of tax fraud.
The investigation by financial police in Milan determined that the holding company, Lagfin, absorbed its own Italian company which held the majority of Campari’s shares, according to Italian media.
During that merger it allegedly failed to declare capital gains of approximately 5.3 billion euros ($6.1 billion) from its Italian subsidiary, and paid no tax on them.
The 1.3 billion euros ($1.5 billion) in Campari shares represents the amount of taxes that allegedly should have been paid.
Contacted by AFP on Friday evening, the Campari Group did not immediately respond.
In addition to the liqueur of the same name, the group controls numerous spirits brands, including Wild Turkey and Glen Grant whiskies, Courvoisier cognac, as well as other brands of gin, tequila and vodka.
Campari has a market capitalisation of approximately seven billion euros on the Milan Stock Exchange.
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© Agence France-Presse
