A criminal case against the head of Ferrari has been closed.
Ferrari's chairman of the board of directors, John Elkann, agreed to pay a large settlement in a tax dispute in order to have the criminal case against him dropped.
After their grandmother died in 2019, Elkann and his brother and sister inherited assets worth about €800 million. Questions from the tax authorities about that inheritance led to the opening of a criminal case on alleged tax fraud.
John Elkann, together with his brother and sister, will pay €183 million in compensation to the Italian tax authorities. In addition to the payment, Elkann agreed to a year of community service, which allowed the case against him to be discontinued. Now the court must make a final decision and determine the form of the community service.
John Elkann is one of the most influential figures in Formula 1, as he not only heads Ferrari but also serves as chairman of the board of Stellantis, one of the world's largest automakers. Stellantis includes car brands such as Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep, Lancia, Maserati, Opel, Peugeot, RAM and Vauxhall.
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A criminal case against the head of Ferrari has been closed.
John Elkann, chairman of Ferrari's board of directors, agreed to pay a substantial settlement over a tax dispute to have the criminal case against him dropped.