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TAXING TIME FOR MV AGUSTA

Besides its bankruptcy woes, news has emerged that MV Agusta is also facing criminal proceedings for alleged embezzlement of substantial amounts of income tax and social security contributions deducted from the wages of about 100 workers at the company’s Varese factory.

Following an investigation by Italy’s Guardia di Finanza (financial police), Varese regional deputy prosecutor Luca Petrucci is now set to charge MV with misappropriating a total of £12.1m in PAYE and NI deductions over a period from 2013 to 2015.

Petrucci alleges that, rather than being remitted to the relevant authorities, the missing money was diverted into staving off creditors prior to the business seeking insolvency protection. In connection with their probe, the police seized a pair of Ferraris valued at £154,000 belonging to MV supremo Giovanni Castiglioni in July.

MV Agusta issued a statement denying any illegal activity in relation to employee tax and pension obligations on 16 November.  

 

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