ROME - Investigations into the assets of the deceased Marella Caracciolo, widow of the late ex-head of the Fiat empire Gianni Agnelli, have unearthed two “fictitious” trusts in the Bahamas, and “false donations” of works of art and precious objects worth 170 million euros, as reported by Sky News.  

The three Elkann siblings are said to have each had their pick of the family treasures. John Elkann, president of Stellantis, is said to have got his hands on 30 million euros worth of art, including the 10 million euro “Batman” by Andy Warhol. Il Mattino reported that his brother Lapo received art of a similar value including a Monet painting. Ginevra, their sister, is reported to have claimed over 100 million euros worth of treasure. This includes pendent earrings with Harry Winston diamonds worth 78 million euros. 

The reported fraud is said to involve the residence of the grandmother. Il Mattino reports that lawyers for the family have insisted that their grandmother was resident in Switzerland, and therefore Italian inheritance tax should not be paid on her assets. They site a book published in Italy by Adelphi in 2014, signed by the grandmother Marella Caracciolo called Ho cultivato il mio giardino. However prosecutors of the Turin Prosecutor’s office now claim that based on documents retrieved during the investigation, it is likely this book was used to disseminate false reports about the residence of the grandmother, who in reality lived in Villa Frescot in Turin. Sky news have reported that this was likely “an idea of John Elkann”, who oversaw the project “even editing the original text.”

The tax evasion, according to judges would have amounted to 39 million euros between 2016 – 2019. But the confiscation so far of 74.8 million euros comes from an alleged hypothesis of fraud. 

The lawyers for the Elkann siblings remain defiant that they cannot comprehend the accusations of tax fraud. They insist that the Elkann siblings have always been open and transparent with their tax affairs. 

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