Italian Authorities Seize $1.5 Billion in Campari Stake Amid Fraud Probe

Italian tax police have seized assets valued at approximately 1.29 billion euros (around $1.5 billion) linked to a Luxembourg-based holding company as part of an ongoing tax fraud investigation. The targeted assets belong to Lagfin, the controlling shareholder of the Campari Group, a prominent player in the global premium spirits market, which was established in 1860.

A judge in Monza, located northeast of Milan, authorized the seizure as a precautionary measure while authorities investigate allegations of tax evasion. The inquiry originated from a tax audit following a merger in which Lagfin absorbed its Italian subsidiary.

In response to the investigation, Lagfin issued a statement asserting that the matter is linked to a tax dispute that began approximately two years ago. The company emphasized that this dispute has never implicated the Campari Group directly. Lagfin maintains that it operates in full compliance with all relevant laws and regulations, including Italian tax laws, and intends to mount a vigorous defense against the claims.

Campari Group, known for its signature red aperitif, also owns other well-known brands such as Aperol, Grand Marnier, and various tequila and bourbon labels. The company did not provide immediate comment regarding the ongoing investigation.

Lagfin, which has maintained its status as Campari’s controlling shareholder since its inception in 1995, holds over 80% of the voting rights in the company. The holding company asserted that the seizure will not impact its controlling position within Campari.

As the investigation unfolds, the implications for both Lagfin and the Campari Group remain to be seen, but the scale of the assets involved underscores the seriousness of the allegations.