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Italy Police Seize Marzotto Assets in Valentino Sale Probe

Italy’s finance police seized assets worth 65 million euros ($83 million) in a tax probe linked to the Marzotto family’s sale of Valentino Fashion Group in 2007.

The seizure is connected to an alleged evasion of taxes on 200 million euros in capital gains from the sale of company stakes in 2007, according to an e-mailed statement by the Milan finance police. The allegations are “unfounded,” the Marzottos’ lawyers Nicolo Ghedini and Piero Longo said in a statement.

The Marzotto family sold Valentino Fashion Group and its Hugo Boss AG subsidiary to private-equity firm Permira Advisers LLP in 2007. Permira sold Valentino to Mayhoola for Investments SPC, a company backed by unidentified Qatari investors, in July.

The seized assets include real estate and stakes in companies, the police said, without identifying those involved.

The capital gains were regularly declared and taxed within the European Union, especially in Italy, the lawyers said.

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