MILAN, November 2, 2025: Italian authorities have seized assets worth about €1.29 billion from the Luxembourg-based holding company controlling the spirits producer Campari Group as part of an investigation into alleged tax fraud. The seizure, approved by a judge in Monza, follows claims that the holding company failed to declare capital gains of approximately €5.3 billion during a corporate restructuring between 2018 and 2020.
The investigation focuses on a merger in which the holding company absorbed its Italian subsidiary, potentially incurring an exit tax under Italian law. Authorities allege that the company, which manages over half of Campari’s shares and more than 80% of its voting rights, transferred assets abroad without meeting tax obligations. The Italian tax police described the action as a precautionary seizure aimed at securing the value of the suspected unpaid taxes.
The measure involves shares in Campari held through the holding company but does not impact Campari’s daily operations or ownership control. The holding company stated that it has always complied with applicable laws and will cooperate fully with Italian authorities. It said the seizure “does not affect the controlling interest in Campari,” adding that the matter will be resolved according to the law.
Italian tax police confirm €1.3bn seizure linked to Lagfin
Campari Group, headquartered in Milan, is one of the world’s leading beverage companies with a portfolio that includes Aperol, Grand Marnier, SKYY Vodka, and Wild Turkey. Founded in 1860, the company operates in over 190 countries and is listed on the Milan Stock Exchange with a market capitalisation exceeding €13 billion. The seizure of assets represents one of the largest actions in recent years by Italian financial investigators targeting cross-border tax arrangements involving major corporations.
Authorities have intensified scrutiny of companies shifting holdings to jurisdictions such as Luxembourg and the Netherlands during internal restructurings. Campari Group has not been accused of wrongdoing, and the investigation is limited to the holding company and its tax declarations related to the merger. The company confirmed that the case “does not involve Campari Group or its subsidiaries.” Italian prosecutors have not announced any criminal indictments, and the proceedings remain in the investigative phase.
Investor confidence holds steady despite legal action
The Financial Police emphasised that the order is intended to secure potential tax liabilities pending the outcome of the case. If the allegations are upheld, the seized assets could later be used to satisfy any tax recovery ruling. The case underscores Italy’s growing efforts to enforce corporate taxation and address capital transfers perceived as undermining domestic tax bases.
It comes amid broader European initiatives to strengthen cross-border tax transparency and reduce the use of low-tax jurisdictions for corporate holdings. Campari Group shares traded steadily, reflecting investor confidence that the company’s financial performance and global operations remain unaffected. The legal process will continue under judicial supervision in Monza, with further hearings expected later this year. – By EuroWire News Desk.