2024-09-24 01:30:32
Italian court freezes assets of Ferrari president and Stellantis boss. John Elkann’s assets worth nearly 75 million euros have been confiscated. The subject of the dispute is curious, because the Italian prosecutor’s office needs to find out if Elkan’s grandmother lived in the country! The answer depends on the calculation of taxes on an estate worth €800 million – in Italy the inherited property is taxed, but not in Switzerland.
John Elkann heads the automotive giant Stellantis, the controlling shareholder of Ferrari and chairman of the board of directors of the Italian company. The prosecutor’s office in Turin claims that the influential top manager did not pay taxes on an inheritance received in 2019. The amount of the claims is not specified, but assets worth 75 million euros were confiscated in the case.
According to investigators, Elkan’s grandmother, Mrs Marella Caracciolo, has been living in Italy since 2010. Lawyers for the Ferrari boss and Stellantis insist that the late Fiat boss Gianni Agnelli’s wife lived in Switzerland so the case should not be of interest for the Italian authorities.
The trial boils down to how much time Ms. Marella Caracciolo spent in Italy. If it turns out that the woman stayed in the country for more than 183 days, then the claims of the authorities will be valid and the grandmother can be considered a resident of this country.