Ferrari chairman accused of tax fraud, assets seized – report

A senior car company executive has had his assets seized by a judge in Italy after an investigation into alleged tax fraud.

John Elkann, the chairman of both Ferrari and Stellantis – the parent company of 15 car brands, including Alfa Romeo, Citroen, Fiat, Jeep, Peugeot, and Ram – is one of five people to have their assets seized, worth a total of €75 million ($AU122.6 million), according to Automotive News Europe.

While he is not accused of any business-related wrongdoing, Mr Elkann and his two siblings are alleged to have failed to pay taxes in Italy on assets inherited from their grandmother – the wife of the former boss of Fiat – who passed away in 2019.

Mr Elkann's accountant and the Swiss notary who acted as the estate's executor have also had their assets seized by the court.

Lawyers representing the Elkann siblings say the seizure was merely a procedural step in the case, and it is not a ruling of guilt.

Italian prosecutors say an investigation shows the Elkanns' grandmother was a resident of Italy from 2010 – and not Switzerland as claimed – with tax from the inheritance therefore owed to Italian authorities.

The Elkanns dispute the allegations, claiming she had been a resident in Switzerland since the 1970s.