The Italian financial police, so-called Guardia di Finanza, have seized control over the assets of top managers from Bulgari jewelry house, amounting to more than 46 billion euro ($59 billion), informs Bloomberg. The authorities suspected the company executives of tax evasion in 2006 – 2011.
The arrested assets include bank accounts, the company shares and real estate, as well as that owned by Bulgari brothers - Paolo and Nicola. The wealth of each is assessed at approximately $1.5 billion; Paolo is a chairman at Bulgari, Nicola – a vice-chairman.
According to the police data, Francesco Trapani, the president of the watch and jewelry production in LVMH (Moet Hennessy Louis Vuitton), Bulgari parent company, is also involved. He is a nephew of Bulgari brothers and managed the jewelry house from 1984 to 2011.
As CNN Money informs, the police considers that the suspects registered companies in Ireland, Netherlands and Switzerland a few years ago in order to bring out a part of Bulgari profit and decrease the tax burden. Police assumes that Italian tax services have short-received about 3 billion euro.
Meanwhile, Bulgari expressed surprise at the charges and called them groundless. The company promised to take measures in order to unveil the situation.
Bulgari jewelry house was established in 1884 by a businessman Sotirino Bulgari. LVMH bought the company in 2011 for 3.7 billion euro. In 2011 Bulgari revenue totaled 1.27 billion euro.