The inheritance from his grandmother is causing headaches for Stellantis and Ferrari chairman John Elkann. A tax investigation has resulted in a €183 million fine and a sentence of one year of community service.
An investigation into his inheritance has resulted in the president of Stellantis facing a fine of €183,000,000 and a year of community service.
A fine for a tax investigation is no small matter for anyone. But when it is imposed on the president of Stellantis and Ferrari, John Elkann, and the fine amounts to £130 million along with a year of community service, it might well seem that he has been involved in a corporate scandal.
Nothing could be further from the truth. This fine comes as a result of… the inheritance from his grandmother, who was the widow of none other than Giovanni Agnelli, the industrialist who turned Fiat into a multinational and one of the manufacturers on which the current Stellantis Group was created.
The reason for the €183 million fine and the year of community service
The grandmother of the current president of Stellantis and Ferrari, John Elkann, was none other than the noblewoman Marella Caracciolo, who died in 2019 – Giovanni Agnelli died in 2003 – leaving her three grandchildren – Lapo, Ginevra and John Elkann himself, the eldest of the three – a fortune worth millions of euros.
However, the Italian public prosecutor’s office opened an investigation years ago into alleged tax fraud related to inheritance tax associated with the inheritance left to them by their grandmother. According to the prosecutor’s investigation, the president of Stellantis, John Elkann, and his two siblings failed to declare €1 billion in assets and €248.5 million in income.
As a result, the president of Stellantis must now pay, together with his brothers, the aforementioned €183 million, and John Elkann must also complete a year of community service.The pros and cons of Tesla’s Semi electric truck: the opinions of truckers who have already driven itAnton Wass, CEO of Spanish company Stark Future, promises to ‘change the perception of what an electric motorcycle is forever’ in ‘a couple of years’
However, as reported by Reuters, this agreement, which closes any further investigation by the Italian public prosecutor’s office, is just another chapter in the dispute between Margherita Agnelli and her three children.
The chairman of Stellantis and his brothers must pay €183 million.
Margherita Agnelli, heir to €1.2 billion of the family fortune, has long sought to annul a series of agreements – known as “the Geneva agreements” – signed in 2004 after the death of Giovanni Angnelli and which mainly benefit the president of Stellantis and his siblings.RelatedFor €145,300 and with 884 hp: Volvo’s “brothers” put the Porsche Taycan’s best rival up for sale
However, Margherita Agnelli is now seeking to increase the inheritance of her other five children—Elkann’s half-siblings—from her second marriage, who, in her opinion, have been disadvantaged by the aforementioned agreements reached in 2004.
