Italian court investigates Prada management

Italian court investigates Prada management

The Italian court has started an investigation into possible fraud in Miuccia Prada and Patrizio Bertelli's personal tax returns. Both run the listed fashion company Prada, but neither the company nor its stores are implicated in the investigation.

Personal tax returns

 

Prada revealed the news that the Italian court has launched an investigation into Miuccia Prada and Patrizio Bertelli's personal tax returns. The fashion house, listed on the Hong Kong stock exchange, says that the courts want to see whether "certain tax returns from the past were correct".

 

Press agency Reuters had already revealed in January that Italy's public Prosecutor has suspected the Prada founder and her husband of possible tax evasion. The company has now confirmed that both have willingly given tax services full access to their documentation in December 2013 and that the tax services was satisfied with the full collaboration. That is why the new investigation comes as a surprise.

 

Fashion houses in their sights

 

The fashion concern emphasized that neither the company nor its stores have been implicated in the case. It had already struck a deal with the Italian tax services: it paid a 400 million euro settlement and moved its Luxembourgish holding firm back to Italy.

 

Prada is not the only Italian fashion house to have a quarrel with the tax services. Dolce & Gabbana designers have also been summoned to the fiscal court.

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