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  1. Wealth
November 6, 2012

FT: Former owners of Valentino in criminal confiscation

By Spear's

Italian police have confiscated -65m of assets, including a 15th century castle, from the Marzotto family and its business associates for suspected tax evasion connected to the 2007 sale of the Valentino luxury fashion brand

Italian police have confiscated €65m of assets, including a 15th century castle, from the Marzotto family and its business associates for suspected tax evasion connected to the 2007 sale of the Valentino luxury fashion brand.

The seized assets belong to 13 people “linked to one of the most important industrial families in Italy active in the textiles and fashion sector”, the financial police said, without giving further details on the subjects of the investigation.

Two people familiar with the situation confirmed the Marzottos are under investigation over the €2.6bn sale of Valentino and its Hugo Boss subsidiary in Germany to Permira, the UK-based private equity group.

The assets, including apartments in Milan and Rome, a 25-room villa in Alpine resort Cortina d’Ampezzo and land, were taken preventively to cover €65m in taxes the 13 people are suspecting of having dodged when they booked a €200m capital gain from selling Valentino.

Read the full story at ft.com

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