Monday, June 17, 2024
HomeNEWSINTERNATIONALmotogp chief faces new tax evasion allegations

motogp chief faces new tax evasion allegations

Carmelo Ezpeleta, chief executive of MotoGP commercial rights holder Dorna, may be greeted with a pair of handcuffs when he steps off his flight home to Madrid after this weekend’s Argentine Grand Prix.

The Spanish civil service trade union Manos Limpias (Clean Hands) has called for his arrest by Spain’s fiscal authorities following allegations of extensive tax evasion amounting to around €70m by Ezpeleta and Dorna. These are based on information provided by the boss of Sports & Events Logistics (SEL), an Italian specialist contractor which provided all the transportation between MotoGP rounds for 18 years until parting company with Dorna at the end of 2014.

As reported by Repubblica, one of the biggest daily newspapers in Italy, SEL supremo Carlo Bottero has alleged that Dorna obliged his firm to participate in a questionable relationship geared to evasion of VAT and business taxes. Although all SEL price negotiations and contracts originated from Dorna’s Spanish HQ in Madrid, Bottero said he was always required to invoice and receive payment from DWWFS, an opaque shell company domiciled in the Netherlands with low-tax jurisdictional status.

Ezpeleta was fined €3.9m by Spanish taxmen earlier this year for hiding his €25m gain on a fake Dorna bonus share transfer through another Dutch “offshore” entity. However, speaking to the Spanish and Italian press from Argentina, he has strenuously denied the new accusations.

Bridgepoint, the British private equity investment giant which actually owns Dorna, has yet to comment. 

RELATED ARTICLES

Product News

SHARE PRICES AND MARKET ANALYSIS

A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 14...