John Elkann Settles Tax Dispute with Community Service

Stellantis and Ferrari Chairman John Elkann has settled a tax dispute involving his grandmother's inheritance by agreeing to a year of community service and a joint payment of 183 million euros with his siblings. The move ends a criminal investigation against him for alleged tax fraud.

John Elkann, Chairman of both Stellantis and Ferrari, has reached a settlement in a tax dispute linked to his grandmother's inheritance. Elkann will undertake one year of community service and, along with his siblings, pay 183 million euros, according to Italian prosecutors.

Elkann's plea bargain to perform community service concludes the criminal investigation into alleged tax fraud. Prosecutors have approved the arrangement, which awaits judicial ratification. Meanwhile, they have requested the dismissal of the criminal case against Elkann's siblings, Lapo and Ginevra.

In the Italian legal context, a plea bargain does not equate to an admission of guilt. The involved amount, 183 million euros, translates to approximately $214.99 million.