John Elkann, chairman of Ferrari and Stellantis, has agreed to carry out one year of community service and pay millions of euros alongside his siblings to settle a long-running inheritance tax case in Italy.
According to Italian prosecutors, Elkann and his siblings, Lapo and Ginevra, will jointly pay €183 million (£159 million) to the country’s tax authorities. The settlement, however, does not involve any admission of liability.
Elkann’s lawyer described the deal as a chance to bring “this painful affair to a swift and definitive close.” He added that Elkann will be able to propose where he serves his community work, which could include supporting a centre for the elderly or working with people struggling with drug addiction.
The dispute stems from the estate of Elkann’s grandmother, Marella Caracciolo, who passed away in 2019. Prosecutors had alleged that the siblings failed to declare around €1 billion in assets and €248.5 million in income, arguing their grandmother was a Swiss resident.
As part of the arrangement, prosecutors have asked the court to drop charges against Elkann’s brother and sister, which have already been dismissed. Elkann’s request for probation, his attorney noted, also does not imply responsibility, but if approved, it would suspend proceedings and erase the charges once the probation period is completed.
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