AFP
Nov 5, 2012
Tax fraud raid hits Italy's top textile group
AFP
Nov 5, 2012
ROME - Italian police seized assets including a ski chalet and luxury apartments worth 65 million euros ($83 million) from the country's top textile maker Marzotto on Monday as part of a tax fraud inquiry.
Thirteen people including five members of the Marzotto family and board members of Marzotto Group are under investigation by the prosecutor's office in Milan, the tax police said in a statement.
The inquiry revolves around the sale of fashion brand Valentino Fashion Group by Marzotto to the European private equity group Permira.
Police allege that taxes were not paid on around 65 million euros in revenues from the sale that passed through a Luxembourg holding.
"The investigation has allowed us to requalify this holding as fiscally resident in Italy," the police said.
Marzotto is a world leader in the textile sector and produces wool, cotton, linen and silk for many fashion labels.
Representatives of Marzotto Group could not be reached for comment.
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