Sunday, June 4, 2023

The millionaire feud of one of Italy’s most powerful dynasties is about to become defining

MILAN. – A court in Turin is preparing to sentence in the coming weeks a The Inheritance Dispute That Divided the Agnelli Family car company founder charter and arguably Italy’s most famous mercantile dynasty.

case revolves around inheritance Gianni Agnelli, the famous Fiat boss who was a symbol of Italy’s post-war economic boom and who died two decades ago, and pits her daughter Margherita, who has inherited 1.2 billion euros, against three of her eight children including elders, John Elkann, President of Ferrari and automobile manufacturer Stellantis.

Gianni Agnelli and Michael Schumacher

In a dispute dividing one of Italy’s elite families, Margherita is fighting to nullify the agreements made after her father’s death, so that Benefits to the five children of his second marriage According to sources close to him.

If the Turin court ruled in her favor, Margherita, 67, and Gianni Agnelli’s only surviving daughter, could Claim half of your late mother’s estate and a share of the Elkann family business,

Geneva treaty

is at the origin of the dispute A legacy agreement known as the “Geneva Pacts” which Margherita, an artist and philanthropist, signed in 2004, a year after her father’s death, and agreed when Fiat was on the verge of bankruptcy,

Under the first agreement, Margherita received property, works of art and other liquid assets from Gianni’s estate and The company renounced any future influence in Decembre. The Agnelli family company is a significant part of Exor’s ownership structure.

treaties strengthened the position of john elkann47 years old, as Gianni Agnelli’s chosen successor And he effectively took his mother, Margherita, out of the equation. Elkann currently leads Exor, which holds stakes in prestigious companies and brands including national newspapers and soccer clubs. juventus,

John elkann, director of fiat chrysler (fca)

John elkann

The second settlement included what would happen to the estate of Margherita’s mother, Marella, who died in 2019 at the age of 91. Marella Decembre passed on his holdings to his three grandsons, John, his brother Lapo and his sister Ginevra. The result of Margherita’s first marriage to journalist Alain Elkann.

Margherita wants the agreement annulled so that she can give her children to her second husband, Serge de Whelan, a former Franco-Russian Fiat executive, a share of her grandmother’s estate. According to sources close to him.

margarita has the same logic His father’s undeclared wealth was discovered after his death and that she is entitled to a share of it along with the other members of the family.

A source close to Margherita dismissed suggestions that the initial deal included the possibility of finding additional hidden assets from Gianni Agnelli’s estate.

Between Switzerland and Italy

Marella’s death gave rise to the legal claim that is at the center of the case that opened three years ago in Turin, Fiat’s home and the traditional base of the Agnelli clan.

This is the latest in a series of legal battles over inheritance, which has been between Switzerland and Italy over the past 15 years,

Margherita’s lawyers in Turin argue that the “Geneva Pacts” should be declared null and void because They were signed on the basis that Marella’s residence was in Switzerland. over which they dispute. Italian law prohibits such inheritance agreements.,

Agnelli family faces legal battle

Agnelli family faces legal battle

Documents presented to the Turin court by Margherita’s lawyers, which were reviewed by Reuters and include reports from private investigators, claim that from 2003 to 2019, Marella never spent more than four months in Switzerland and should not have qualified as a Swiss resident,

Sources close to Elkann Environment say that Both the Swiss and Italian authorities confirmed Marella Agnelli’s status as a Swiss resident. When he passed away in 2019 and also in 2004 when the legacy agreement was signed.

Sources on behalf of Margherita dispute that interpretation.

Share in family business

After Marella’s death, John Elkann owns a 60% stake in the Decembre company, while his brother Lapo and sister Ginevra each hold 20%., Decembre is the center of a network of companies that incorporate the vast investments of the Agnelli family.

It is the majority shareholder with 38% stake in Giovanni Agnelli BV That brings together about 100 shareholders, who represent about 200 living descendants of Giovanni Agnelli, the original founder of Fiat.

Sue Wedge holds Giovanni Agnelli BV 53% controlling stake in listed company Exor, which holds shares in Stellantis, Ferrari and Juventus,

Sources close to the Elkanns say that There is no legal consequence that could reverse the December transfer of shares to the Elcons, According to him, Margherita’s claims seek to gain an unfair additional financial advantage.

Nation World News Desk
Nation World News Desk
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