Bvlgari reaches agreement with Italian fiscal authories and pays € 48 million
Following a three month enquiry and several claims of embezzlement, jeweller Bvlgari (LVMH Group) has agreed to pay € 48 million to Italian fiscal authorities.
In 2013, Italy’s tax police, the Guardia di Finanza, confiscated $60 million worth of assets, including real estate, life insurance policies and corporate investments from Paolo and Nicola Bulgari, the chairman and vice chairman respectively of Bulgari SpA, former chief executive officer Francesco Trapani, and Maurizio Valentini, current legal representative of the Italian parent company.
The accusations came just over two months after the company had been accused of evading tax payments of more than $91 million when LVMH took control of the company in 2011 in a separate matter. Bulgari have said that they are “confident” all accusations will be successfully disproved.