Bulgari 46 Million Euro Assets Confiscated For Investigation Of Tax Evasion

LVMH Group executives have been informed today that as part of a tax evasion investigation operation, Bulgari Bulgari’s 46 million euros of assets have been confiscated. Evade dividend taxes and set up subsidiaries in Ireland and the Netherlands to hide about 3 billion euros in revenue since 2006. Confiscated assets include a flagship store in Via dei Condotti in central Rome.

Although the accusation has been known (Bulgari Bulgari had been informed of the accusation in December last year), the sudden confiscation of assets surprised Bulgari. Bulgari declared that the Individuals, namely shareholders Paolo and Nicola Bulgari, former CEO Francesco Trapani, and Maurizio Valentini, the company’s legal adviser, didn’t know about it until after the news.
This afternoon, Bulgari issued a statement saying:
 ‘The company is extremely shocked by the ongoing allegations … These foreign companies, which are defined as fictional, are real businesses, play an undisputed strategic role for the group, and employ approximately 300 employees.
 Bulgari will take all necessary steps to clarify the matter with the competent authorities. The company also wishes to point out that the company involved in the report is more important than the individual involved in the case: the relevant authorities need to give a reasonable explanation in a timely manner. ‘