(Sharecast News) - Shares in drinks brand Campari fell sharply on Monday after the company's controlling shareholder had €1.3bn worth of shares seized by the policy due to allegations of tax evasion.
Luxembourg-based Lagfin, which holds more a 50% stake in Davide Campari Milano and over 80% of voting rights, is alleged to have failed to pay an 'exit tax' on €5.3bn of capital gains, according to Italian police.

The issue relates to the absorption of Lagfin's Italian arm - the division that held the Campari stake - in 2019, which saw the company relocate its fiscal residence overseas.

In a press release on Friday, Lagfin announced a "precautionary seizure [...] on some of our Camparis shares [...] connected to a tax dispute".

"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 defence itself vigorously and serenely in all competent forums," the firm said.

It added that the matter "has never involved Campari Group in any manner whatsoever".

Davide Campari Milano shares were down 3.3% at €5.83 by 1150 in Milan.

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