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Originally published Thursday, March 14, 2013 at 9:21 AM

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Bulgari targeted in Italian tax evasion probe

Italian financial police have impounded (EURO)46 million ($59 million) in real estate and other assets from the Bulgari jewelers as part of a tax evasion investigation.

The Associated Press

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MILAN —

Italian financial police have impounded (EURO)46 million ($59 million) in real estate and other assets from the Bulgari jewelers as part of a tax evasion investigation.

A financial police official, Alfredo Falchetti, told Sky TV 24 on Wednesday that the president, a legal adviser and two family shareholders are being investigated for failing to declare tax on (EURO)3 billion in earnings, beginning in 2006, by using foreign subsidiaries.

Bulgari expressed `'surprise" at the seizure. It said in a statement that the foreign companies mentioned in the allegations `'are real and genuine companies performing an undisputable strategic role for the group and employing about 300 employees."

Bulgari said it will seek to clarify its position with authorities.

Bulgari has been controlled since 2011 by the French Group LVMH.

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