Italian authorities have made headlines with the dramatic seizure of $1.5 billion in assets from Lagfin, the Luxembourg-based holding company that controls the iconic Campari Group, amid a sweeping investigation into alleged tax fraud. The move, which took place on November 1, 2025, has sent shockwaves through the international spirits industry and raised questions about cross-border corporate taxation and accountability.
According to the Associated Press, the seizure was ordered by prosecutors in Monza, a city northeast of Milan, and carried out by Italian finance police. The assets in question are shares in Davide Campari-Milano NV, the parent company behind some of the world’s most recognizable alcohol brands, including Campari’s namesake red aperitif, Aperol, Wild Turkey whiskey, Espolon tequila, Courvoisier cognac, and Grand Marnier liqueurs.
The case centers on allegations that Lagfin, which has been the controlling shareholder of Campari since its founding in 1995, failed to pay Italian taxes on capital gains generated from a major corporate restructuring. Specifically, the investigation began after a tax audit scrutinized a merger in which Lagfin absorbed its Italian subsidiary. Prosecutors allege that this maneuver resulted in about $5.7 billion in capital gains, with roughly $1.4 billion in taxes left unpaid—a violation of Italy’s so-called "exit tax" laws that are designed to prevent companies from dodging taxes by shifting assets abroad.
Lagfin, for its part, has strongly denied any wrongdoing. In a statement released Friday and cited by Newsweek, the company said the "precautionary seizure is connected to a tax dispute that started approximately two years ago and has never involved Campari Group in any manner whatsoever." The statement went on to assert, "Lagfin trusts that it has always acted in the most scrupulous respect of any applicable laws and regulations, including any Italian tax laws, and therefore it will defend itself vigorously and serenely in all competent forums." The company also emphasized that, since it retains more than 80% of Campari’s voting rights and over 50% of its shares, the seizure is "absolutely unable to affect the position of Lagfin as controlling shareholder of Campari."
Campari Group itself, founded in 1860 and now one of the largest global producers of premium spirits, has not been named as a subject of the investigation. In fact, Lagfin was quick to clarify that the probe "has never involved Campari Group in any manner whatsoever," a point echoed in multiple outlets including The Independent and the Associated Press. Campari did not immediately respond to requests for comment from the press, as noted by both AP and Newsweek.
The investigation, however, has reached the upper echelons of Campari’s leadership. According to Newsweek, Campari Chairman Luca Garavoglia and Giovanni Berto, head of Campari’s Italian branch, are both under investigation by Milan’s financial police. The case, which reportedly stems from a merger-related transaction years ago, highlights the complex interplay between family-owned holding companies, international tax laws, and corporate governance.
The asset seizure is being described by authorities as a "precautionary" measure, intended to secure the alleged unpaid tax amount while the investigation proceeds. As reported by Reuters and cited by Newsweek, the judge’s order allows Italian authorities to effectively freeze Lagfin’s shares in Campari, ensuring that assets cannot be moved or sold while the case is pending. Despite the scale of the seizure, Lagfin insists its controlling grip on Campari remains unshaken, given its overwhelming share of voting rights.
This latest development comes at a time when Campari Group is enjoying robust business growth. Earlier this week, the company announced a 4.4 percent increase in sales for the third quarter of 2025, underscoring its position as a major force in the global spirits market. The group’s diverse portfolio, which includes Aperol—one of the world’s fastest-growing aperitifs—has helped it weather economic headwinds and shifting consumer tastes.
Still, the legal cloud now hanging over its controlling shareholder is impossible to ignore. The Italian authorities’ decision to seize such a large chunk of assets reflects the seriousness with which they are pursuing the alleged tax evasion. As The Independent observed, the investigation is part of a broader effort by Italian prosecutors to clamp down on suspected corporate tax avoidance, especially when it involves the shifting of assets and profits across borders.
The specifics of the case are rooted in Italy’s tax code, particularly regulations surrounding so-called "exit taxes." These rules are intended to ensure that companies pay taxes on capital gains realized when assets are moved out of the country, a common tactic in international corporate structuring. Prosecutors allege that Lagfin failed to declare the gains from its merger for Italy’s exit tax, resulting in the disputed $1.4 billion tax bill. The fact that Lagfin is based in Luxembourg—a country often scrutinized for its favorable tax regime—has only fueled public and regulatory interest in the case.
For observers, the case also underscores the challenges facing multinational enterprises operating in a web of international regulations. Family-owned holding companies like Lagfin, with deep ties to corporate leadership (in this case, the Garavoglia family), often find themselves in the spotlight when questions arise about transparency and tax compliance. The ongoing probe will likely test not just Lagfin’s legal defenses, but also the broader framework of European tax enforcement.
It’s worth noting that while the seizure is headline-grabbing, it remains a precautionary step pending the outcome of the investigation. No criminal charges have been filed against Lagfin or its executives as of yet, and the company has pledged to "defend itself vigorously." The coming months will likely see a legal tug-of-war between Lagfin and Italian authorities, with the international spirits industry watching closely for any ripple effects.
For now, Campari Group continues to operate as usual, buoyed by its strong sales and global brand recognition. But with its controlling shareholder under intense scrutiny, the company’s leadership will undoubtedly be keeping a close eye on developments in Monza’s courts and the offices of Italy’s financial police.
As the investigation unfolds, the case stands as a stark reminder of the complexities—and potential pitfalls—of global business in an era of heightened regulatory vigilance.
