Italian Tax Police Investigate Agnelli Family Inheritance

The Italian tax police have initiated searches of legal firms’ offices as part of an investigation into alleged tax fraud tied to the inheritance of assets by the Agnelli family, one of Italy’s most prominent business dynasties. The probe centers on John Elkann, Chairman of Stellantis and Ferrari, along with his siblings Lapo and Ginevra Elkann.

Background of the Investigation – 

The investigation, which began earlier this year, focuses on allegations that the Elkanns did not pay Italian taxes on assets inherited after the 2019 death of their grandmother, Marella Caracciolo, the wife of late Fiat magnate Gianni Agnelli. Prosecutors claim Caracciolo was an Italian resident since at least 2010, contrary to her reported residence in Switzerland, which would have made her inheritance taxable in Italy.

In September, Italian courts seized €75 million ($78.77 million) worth of assets tied to the case. This action was part of a broader inheritance dispute between the Elkanns and their mother, Margherita Agnelli, over the vast estate left by Gianni Agnelli.

Focus on Dicembre Holding Company – 

A significant part of the investigation involves Dicembre, the Elkann siblings’ holding company that sits atop the ownership structure of Exor, the Agnelli family’s investment firm. Prosecutors allege that contracts surrounding a 2004 transfer of a 40% stake in Dicembre from Caracciolo to the siblings were “insufficient, altered, or falsified.” They argue that proper succession taxes were not paid on this transaction.

The Elkanns’ legal representatives assert that Caracciolo had been a Swiss resident since the early 1970s and maintained her residency there throughout her life. This claim, if upheld, would exempt her inheritance from Italian taxation.

Other Individuals Involved – 

The investigation also targets Gianluca Ferrero, John Elkann’s accountant, and Urs von Grünigen, a Swiss notary who served as the estate executor. Both are alleged to have played roles in the transactions under scrutiny.

Impact on Stellantis and Ferrari – 

While the case primarily involves personal family matters, John Elkann’s role as chairman of global automotive leaders Stellantis and Ferrari puts the situation under heightened public scrutiny. Both companies are key players in the automotive world, and any potential fallout could have reputational impacts.

Next Steps – 

Italian prosecutors continue to gather evidence, including documents from the recent searches, to build their case. The Elkann family has yet to issue a detailed response, though their lawyers previously defended Caracciolo’s Swiss residency.

As the investigation unfolds, it could further strain the already complex relationships within the Agnelli family and potentially influence the broader automotive and business sectors.