Ferrari chair John Elkann to do community service over tax case

The chair of Ferrari and Stellantis has agreed to do one yr of neighborhood service and collectively pay thousands and thousands of euros to settle a dispute over inheritance tax in Italy.John Elkann and his siblings Lapo and Ginerva can pay €183m (£159m) to Italian tax authorities, Italian prosecutors mentioned, in response to a number of media experiences.Mr Elkann’s lawyer mentioned the settlement didn’t embrace an admission of legal responsibility from the Ferrari chair and his siblings.He mentioned the prosecutors’ choices had been a possibility to convey “this painful affair to a swift and definitive shut”. Mr Elkann, a member of one of the crucial highly effective households in Italy, is the grandson of Gianni Agnelli, the previous boss of Fiat.The tax dispute pertains to the property of Mr Elkann’s grandmother, Marella Caracciolo, who died in 2019.Mr Elkann might want to recommend the place he may do his neighborhood service, which Reuters reported may embrace serving to at a centre for the aged or a centre serving to individuals with drug habit.Paolo Siniscalchi, the Elkanns’ legal professional, mentioned in an announcement to the BBC: “John Elkann’s request for probation should be seen on this context and doesn’t entail, simply because the settlement with the tax authorities doesn’t, any admission of accountability. “If this request is granted, the proceedings towards him might be suspended, and upon the profitable completion of the probationary interval, will conclude with a ruling extinguishing all the costs for which John Elkann is presently beneath investigation. “This end result would mirror that of his siblings Ginevra and Lapo, for whom dismissal of costs has been requested.”Prosecutors had alleged the Elkann siblings didn’t declare roughly €1bn in belongings and €248.5m in revenue, on the idea their grandmother was a Swiss resident.Prosecutors on Monday accepted the settlement to pay thousands and thousands, and have requested the choose to drop a prison case towards Mr Elkann’s brother and sister, which was dismissed.The case stems from a wider dispute between the Elkann siblings and their mom, Margherita Agnelli over the property of Gianni Agnelli. A civil case is ongoing.Mr Agnelli died greater than 20 years in the past after constructing Fiat up from a small automobile producer into a significant conglomerate. Ms Agnelli, who inherited €1.2bn euros, has been combating to overturn agreements she signed in 2004 after her father’s demise in an try to make sure that cash goes to her 5 kids from a second marriage and to not her three eldest. Ms Agnelli’s attorneys mentioned in an announcement that they welcomed the end result of those tax and prison proceedings. Mr Elkann is the oldest of Ms Agnelli’s kids. He has been chair of Stellantis since 2021, and have become chair of Ferrari in 2018, in response to Stellantis.He first joined Fiat’s board in 1997 and was beforehand the corporate’s chair.