John Elkann, chairman of both Ferrari and Stellantis, is at the center of an Italian investigation into alleged tax fraud. An Italian judge has ordered the seizure of assets valued at approximately €75 million ($AU122.6 million) Elkann and four others, including his siblings. This case adds complexity to an ongoing family inheritance dispute.
The investigation focuses on inheritance taxes related to Marella Caracciolo, the Elkanns' grandmother, who passed away in 2019. Prosecutors claim Caracciolo was an Italian resident since at least 2010, not Swiss, making her estate taxable in Italy. The Elkanns are accused of failing to pay taxes on inherited assets in Italy.
Assets were also seized from Elkann's accountant and a Swiss notary who executed Caracciolo's estate. Elkann's legal team states the asset seizure is a procedural step and doesn't imply guilt. The lawyers argue Caracciolo had been a Swiss resident since the 1970s.
This case is part of a broader inheritance dispute within the Agnelli-Elkann family. The investigation began earlier in 2024 and is ongoing.
This high-profile tax fraud investigation highlights the complex intersection of wealth, family dynamics, and international tax laws. The outcome could have significant implications not only for Elkann personally but also for the governance of major automotive companies like Ferrari and Stellantis.
