Prada Finds No Good Deed Goes Unpunished - Bloomberg View

Prada Finds No Good Deed Goes Unpunished - Bloomberg View: "It was Prada's turn to pay up in December, when it announced that its holding company would repatriate assets it held in Luxembourg and the Netherlands. It also agreed to pay some back taxes as part of voluntary disclosure procedure. According to Prada's 2013 annual report, the company paid 66 million euros, but the Financial Times reports that Prada and Bertelli personally contributed 400 million euros. In any case, once the money landed in Italy's coffers, the husband and wife team appeared relieved. The newspaper Corriere della Sera quoted Bertelli as praising his company's "constructive relationship with the tax authorities, marked by mutual trust, which is essential to re-establish relations necessary for the country's recovery."

In January, the couple denied reports that they were under investigation by tax authorities as a result of their voluntary disclosure, hanging on to their idea of "mutual trust." The authorities, however, must have seen it differently, and Prada confirmed it was being investigated."



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