Italy Seizes €1.3 Billion Campari Shares in Tax-Fraud Probe (1)

Italian prosecutors ordered the seizure of around €1.3 billion ($1.5 billion) in shares from the holding company that controls the drinks maker Davide Campari-Milano NV, as part of an alleged tax-fraud probe, according to a statement late Friday.

The order from Monza’s prosecutor office, carried out by the finance police, targets alleged unpaid taxes on assets moved abroad.

The investigation focuses on Luxembourg-based holding company Lagfin SCA’s alleged failure to pay exit tax on about €5.3 billion of capital gains generated when it absorbed an Italian subsidiary that held Campari’s controlling stake. Prosecutors say the reorganization effectively shifted ...