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John Elkann And Brothers Will Pay 183 Million Euros And Heir Of The Agnelli Family Will Perform One Year Of Community Service To End Dispute
Businessman John Elkann, chairman of Ferrari and Stellantis, has reached an agreement with the Public Prosecutor’s Office of Turin to settle a tax dispute that had been ongoing for years. The negotiation involves not only the payment of billion-euro amounts but also the performance of community service by the heir of the Agnelli family.
As part of the agreement, John and his brothers, Lapo and Ginevra, will have to pay 183 million euros, about R$1.1 billion.
Additionally, John will have to dedicate a year to social work. The decision is still subject to judicial approval, but it has already been validated by the local prosecutor’s office.
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Origin Of The Controversy
The tax dispute is linked to the inheritance of Marella Caracciolo, John’s grandmother, valued at approximately 800 million euros.
According to Italian authorities, part of this estate was not properly declared, prompting a criminal investigation against the three brothers.
The case gained traction as it also connects to family disputes that began after the death of Gianni Agnelli, former chairman of Fiat and John’s grandfather, in 2003.
Margherita, Elkann’s mother, contested agreements from 2004 and claimed that her five children from her second marriage had been harmed.
This impasse paved the way for the Revenue Service and the Public Prosecutor’s Office to investigate the division of the estate.
Asset Freezing And Investigation
During the process, the court froze about 75 million euros in assets and values attributed to the brothers.
The measure aimed to ensure the collection of taxes and potential penalties if the accusation of tax evasion was confirmed.
However, with the settlement now in place, the criminal action ceases to exist. The agreement concludes the investigation without the accused having to admit guilt, as provided for in Italian law.
Fine And Symbolic Punishment
In addition to the billion-euro fine, the commitment stipulates that John Elkann will perform community service for one year.
This obligation is unusual in cases involving large businessmen but was accepted by the chairman of Ferrari to conclude the process.
The work will have to be carried out in social institutions, such as nursing homes or drug rehabilitation centers. The choice of location will be defined in conjunction with the authorities.
Closing A Chapter
The agreement represents the end of a dispute that exposed internal weaknesses of one of the most powerful families in Europe.
Although the fine is substantial, the outcome avoids a lengthy trial and preserves John’s image, owner of Ferrari, whose personal wealth is estimated at US$2.8 billion, approximately R$15 billion.
With information from Xataka
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