MILAN — Closing its investigations into the Marzotto group, the public prosecutors’ office in Milan has notified and charged 13 individuals, including members of the Marzotto family and administrators of the company, for alleged omission of earnings declaration and tax evasion of more than 71 million euros, or $91 million at current exchange. This may lead to a request to hold a trial.
As reported in November, the tax police have been investigating International Capital Growth, a company believed to be a fictitious entity based in Luxembourg but managed in Milan, and allegedly created for the purpose of selling 29.9 percent of Valentino Fashion Group in May 2007 to equity fund Permira for more than 782 million euros, or $1 billion. Allegedly, taxes on the profit derived from the transaction were never paid in Italy. This allowed the accused to net a capital gain of 200 million euros, or $256.7 million, and elude the payment of more than 71 million euros in tax, the police claim. They have confiscated Marzotto assets worth that sum. This figure has increased since November, when the police pegged it at 65 million euros, or $83.4 million.
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