Italian tax officials investigating Agnelli estate for undeclared assets

Italian tax authorities are investigating the estate of Gianni Agnelli, the late chairman of Fiat, following his daughter's charges that she did not receive part of her inheritance because he had 1 billion euros in undeclared assets in Swiss bank accounts,


the

Financial Times


reported.


The 2007 allegations by Margherita Agnelli de Pahlen have “exposed the internal dynamics of Italy's wealthy industrial dynasty,” the


FT


report said. Her mother, Marella Agnelli, denied the charges. Agnelli de Pahlen is Gianni Agnelli's only surviving child. Her son John Elkann is Fiat's vice chairman.

“The investigation is an acute embarrassment for the Agnelli family, which is no stranger to publicity but had managed to keep the extent of its wealth secret until Mr. Agnelli's death,” said the

FT

.

A spokesman for Exor, the Agnelli family holding company, told the

FT


that the investigation doesnot involve other Agnelli family members or any family-controlled company.


(Source:


Financial Times


, Aug. 13, 2009.)