Police seize €1.3bn of Campari shares in alleged tax evasion case
Italian financial police seized shares worth approximately €1.3 billion (about £1.1 billion or $1.5 billion) from the holding company that controls the global spirits producer Campari, citing allegations of tax evasion. The operation, carried out in early March, involved the confiscation of the assets following a court order issued to prevent the alleged illicit proceeds from being moved or hidden.
According to statements from the Guardia di Finanza, the investigation focused on a complex network of offshore entities that were allegedly used to underreport taxable income and evade corporate taxes in Italy. Prosecutors claim that the shareholding structure was designed to shift profits to jurisdictions with lower tax rates, thereby reducing the amount owed to the Italian Treasury. While the exact mechanisms remain under investigation, officials said the seized shares represent the estimated value of the assets linked to the alleged scheme.
Campari Group, best known for its iconic aperitif and a portfolio of premium alcoholic brands, has not been directly accused of wrongdoing. Company representatives indicated that the holding company in question is a separate legal entity and that the seizure does not affect Campari’s operational activities or its listed status on the Milan stock exchange. The firm’s spokesperson noted that Campari remains committed to full compliance with all fiscal obligations and will cooperate with authorities.
Legal experts suggest that the case highlights broader concerns about tax avoidance practices among multinational corporations operating in Italy. Industry analysts observe that similar investigations have intensified in recent years as the government seeks to bolster revenue collection and address public concerns over fairness in the tax system. The seizure may also prompt other companies to review their own structures to ensure compliance.
The court’s decision to freeze the shares is provisional, pending the outcome of the criminal proceedings. Should the allegations be substantiated, the holding company could face significant fines and the forced divestiture of the assets. For now, the case remains under judicial review, and authorities have indicated that further actions will depend on the results of the ongoing investigation.
