Eyewear-maker Safilo pays €21m to Italian Fiscal Authorities to settle fraud

Safilo Group S.p.A has agreed to pay €21m to Italian Fiscal Authorities to settle embezzlement claims alleging transfers of large amounts between different entities,  which took place 2007-2011.

In a statement the company sad ‘Safilo S.p.A. has decided to accept the settlement proposal, as the key matters of the dispute are largely subjective, in as much as they imply, for instance, the evaluation of the arm’s length nature of the application of prices to foreign subsidiaries.’

Safilo produces in licensing the eyewear collections of Dior, Fendi, Gucci, Bottega Veneta, Jimmy Choo, Max Mara, Boss. The company’s owned eyewear brands include: Carrera, Polaroid and Safilo.

Safilo Group S.p.A closed the first 9 months of 2013 with sales totalling €841,8m,down from €862m for the same period of 2012.

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