Italian police seize $1.5B in assets from Campari’s controlling shareholder amid tax fraud probe

MILAN AP Italian tax police stated they are seizing assets worth billion euros billion from a Luxembourg-based holding company s shares in spirits maker Campari Group as part of a fraud inspection Luxembourg-based Lagfin is the controlling shareholder of Campari which was founded in and is one of the largest players in the premium spirits industry A judge in Monza northeast of Milan approved the seizure order which police described as precautionary as they look into charges of tax evasion The inquiry began with a tax audit following a merger in which Lagfin absorbed its Italian subsidiary Lagfin noted in a announcement Friday that the inquiry is connected to a tax dispute that started approximately two years ago and that has never involved Campari Group in any manner whatsoever Lagfin explained it has inevitably acted in the the majority scrupulous respect of any applicable laws and regulations including any Italian tax laws and will defend itself vigorously Campari Group didn t directly respond to a request for comment Lagfin mentioned that since it holds more than of Campari s voting rights the seizure is absolutely unable to affect its position as Campari s controlling shareholder With ties to the family of Campari Group Chairman Luca Garavoglia Lagfin started in and its primary purpose is as Campari s controlling stakeholder with more than of its shares Known for its namesake red aperitif Campari also owns Aperol and several global brands including Grand Marnier tequilas and various American bourbons Source