Italian Tax Police Seize $1.5 Billion in Assets from Campari Group’s Controlling Shareholder
Italian tax police have announced the seizure of assets worth 1.29 billion euros ($1.5 billion) from Luxembourg-based holding company Lagfin, which is the controlling shareholder of spirits maker Campari Group. The seizure is part of an ongoing fraud investigation into allegations of tax evasion.
Campari Group, founded in 1860, is a major player in the premium spirits industry, known for its iconic red aperitif and brands like Aperol, Grand Marnier, and various tequilas and American bourbons. Lagfin, with ties to Campari Group Chairman Luca Garavoglia’s family, has been the primary stakeholder in Campari since 1995, holding over 80% of the company’s voting rights.
The investigation into Lagfin began following a tax audit triggered by a merger in which the Luxembourg-based company absorbed its Italian subsidiary. A judge in Monza, northeast of Milan, approved the seizure order as a precautionary measure while authorities delve deeper into the alleged tax irregularities.
In response to the seizure, Lagfin issued a statement asserting its adherence to all applicable laws and regulations, including Italian tax laws. The company emphasized that the investigation is unrelated to Campari Group’s operations and that it will vigorously defend itself against the allegations.
Despite the seizure of assets, Lagfin maintains that its position as Campari’s controlling shareholder remains unaffected. The company reiterated its commitment to operating in a transparent and compliant manner, safeguarding its interests in the renowned spirits producer.
Campari Group has yet to comment on the situation, but the company’s operations are expected to continue unaffected by the legal proceedings involving its controlling shareholder. With a diverse portfolio of globally recognized brands, Campari Group remains a significant player in the spirits industry, offering a range of premium products enjoyed by consumers worldwide.
As the investigation unfolds, the implications for Lagfin and Campari Group’s business operations will be closely monitored, with stakeholders eagerly awaiting further developments in this high-profile case.
