MILAN / LONDON (IT BOLTWISE) – Italian spirits company Campari is at the center of a tax evasion scandal. The financial police have confiscated shares worth almost 1.3 billion euros because of suspicions of large-scale tax evasion in foreign transactions. The investigation focuses on untaxed profits amounting to billions of dollars that are said to have arisen from an earlier merger.
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The well-known Italian spirits manufacturer Campari, famous for its bitter liqueurs, is currently facing serious allegations of tax evasion. The Italian financial police have confiscated shares in the company worth almost 1.3 billion euros. This measure is part of a broader investigation focusing on billions of dollars in untaxed profits that allegedly arose from the group’s foreign operations.
At the center of the investigation is the Lagfin holding company, which is based in Luxembourg and is the majority shareholder in Campari. The tax authorities suspect that so-called exit tax profits were not properly reported in a previous merger. These taxable capital gains arise when assets are moved abroad. The investigators assume that the Italian tax authorities lost more than 1.29 billion euros as a result.
The shares were confiscated on Friday evening after the stock market closed. Lagfin currently holds 51.8 percent of Campari shares, and the group itself is valued at over seven billion euros on the stock exchange. These developments highlight the challenges that multinational companies face in complying with international tax regulations.
Campari, whose history dates back to 1860, is known not only for its eponymous bitter liqueur, but also other popular drinks such as Aperol, Crodino and Cynar. The current allegations could significantly affect the reputation of the traditional company and lead to far-reaching legal consequences.
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