Italian police have seized shares valued at €1.3 billion (£1.1 billion; $1.5 billion) from Lagfin, the Luxembourg-based company that controls Campari Group, over allegations of tax evasion. This confiscation is part of a year-long investigation into how Lagfin absorbed its Italian arm, with accusations that it failed to pay a similar figure in taxes during this merger. Prosecutors in Milan launched the probe last year, asserting that Lagfin did not pay a so-called "exit tax" on €5.3 billion of undeclared capital gains between 2018 and 2020. Furthermore, it is alleged that the company transferred its Italian assets into foreign ownership solely for tax purposes, as reported by Italian financial newspaper Il Sole 24 Ore.

Campari Group, a prominent global producer of spirits, which also owns brands such as Aperol, Grand Marnier, and Courvoisier, has stated that neither the company nor its subsidiaries are involved in the case. However, local media reports indicate that Campari's chair, Luca Garavoglia, is among those under investigation, along with Giovanni Berto, the head of Campari's Italian branch. Mr. Garavoglia, a billionaire, inherited ownership of Campari from his late mother.

Lagfin, which holds over 50% of Campari shares and 80% of voting rights, previously issued a statement last year asserting that it had "always fulfilled its tax obligations with the utmost scruples in all the jurisdictions where it operates" and considers any claims to the contrary "devoid of any basis." Despite this, the investigation has led to significant financial action.

Campari, valued at approximately €7 billion on the Milan Stock Exchange, boasts a rich history dating back to 1860. It began when Gaspare Campari's homemade bitter liqueur gained popularity among patrons of his Milan bar. Its success led his family to commence commercial manufacturing in 1904, and from the 1990s onwards, the firm expanded significantly by acquiring other well-known alcohol brands.