Stellantis and Ferrari president John Elkann has signed an agreement-involving community services for a year and paying an amount-to resolve a tax dispute over his grandmother’s inheritance, the Italian prosecutor said on Monday.
Elkann and his brothers Lapo and Ginevra will pay together 183 million euros (US $ 214.99 million) to tax authorities, a sum -related sum of their grandmother Marella Caraciolo, prosecutors from the city of Turin, in the north of the country.
Elkann also negotiated a year of community service, thus ending a criminal investigation against him for alleged fiscal fraud regarding the inheritance.
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The prosecution stated that it approves the agreement, which now needs to be ratified by a judge.
In Italy, an agreement does not imply admission of guilt.
The agreement includes the withdrawal of criminal proceedings against the brothers of Elkann, Lapo and Ginevra.
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A three-sisters spokesman had said in July that a fiscal agreement had been signed with the tax revenue agency, but did not report the value of the agreement.
The payment of 183 million euros ends all investigations into tax evasion of an estimated assets by the Italian authorities by about 800 million euros.
Elkann should now propose to judicial authorities an institution where he can provide community services – an elderly center, an association that helps drug addicts or some other entity with similar social support function.
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The case originates from a broader inheritance dispute between Elkanns and his mother, Margherita, on the heritage of Gianni Agnelli, a celebrated former head of Fiat, who shared one of Italy’s best-known business dynasties.
Gianni, a symbol of the postwar Italy economic boom, died two decades ago.
As part of this case, a Turin judge last year confiscated money and assets worth almost 75 million euros of five, including John, Lapo and Ginevra Elkann.
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In addition to the tax and criminal proceedings, a civil proceedings regarding the inheritance dispute is also underway.
He puts Gianni’s daughter Margherita, who inherited 1.2 billion euros against three of his eight children, including the eldest, John Elkann.
Margherita struggles to nullify the agreements she signed in 2004 after her father’s death in an attempt to ensure that money goes to her five children of a second marriage.
