John Elkann, president of Stellantis and Ferrari is facing a €183,000,000 penalty and one year of community service, but this is not about a corporate scandal, this is actually linked to the wishes of his grandmother, Marella Caracciolo. The case goes way back to the legacy of Giovanni Agnelli, the person who transformed Fiat into a multinational and then created Stellantis.
This big penalty is the result of a close a tax inquiry by the Italian prosecutor’s office who were looking deeply into the inheritance of the Agnelli family. The investigation focused on assets and income linked to Marella’s wealth and has become an ongoing family dispute between Margherita Agnelli, Giovanni’s daughter and John’s mother.
But on the spotlight there’s not only John, his siblings, Lapo Elkann and Ginevra Elkann, were also part of the the happy beneficiaries of the Marella’s inheritance. It’s no not new though, this is a situation that dates back to the Geneva agreements signed in 2004 after Giovanni’s death, a pact that Margherita (John’s mother) has tried to cancel.
The history of this family is a part of Italy’s industry too. Giovanni Agnelli built Fiat and made it the strong legacy that we know today, this same company helped create Stellantis, he died in 2003. Then his wife, Marella Caraciollo died in 2019 living then a huge inheritance to the grandchildren: John, Lapo and Ginevra.
Years ago, the Italian Prosecutors office opened an investigation to look into a possible problem about Marella’s wealth. And what did they find? John Elkann and his siblings didn’t declared €1.000 million in assets and €248 millions of income that were fully linked to this famous inheritance.
But this is not all, Margherita Agnelli, their mother and another beneficiary of the €1.200 millions of family wealth has being trying to undo the Genova agreement that was signed in 2004 after Giovanni’s death wich was beneficial mostly for Stellantis president and his siblings.
Margherita’s posture on this remains the same, she wants to give part of the inheritance to their other 5 John’s half-sibling, children of her second marriage.
€183 millions and a year of community service
John, Lapo and Ginevra Elkann will have to pay the €183 millions, and besides that, Stellantis president will have to do one year of community service. This agreement closes the investigation and leaving behind the penalty from the Marella Family’s wealth.
This is not a story of a misconduct or some dirty paperwork from the corporative world of Stellantis or Ferrari, it’s more of a family business matter about the family’s inheritance, but the Marella’s name is a big on in Italy and the rest of the world. An having that name comes with a weight and the true possibility of being on the public eye.
This is a big amount to be given to the prosecutors office, and a very important civic obligation to Elkann. It’s a big matter, yes, but the symbolic weight is even bigger. Managing intergenerational wealth can be a burden when talking about one of the most richest families in Europe. It’s something to really look at carefully and deeply. especially when the structure is held by agreements across frontiers.
Legacy, law and a long dispute about it
For the moment the “problems” are solved: the penalty of €183 millions will be paid and the community service will be accomplish as agreed. But for the Agnelli family, story is still writing itself, Margherita is still looking for a more just agreement for her other children.
“Nothing comes for free,“ as many people say.. The Marella’s wealth is a perfect example of this. If you were still wishing a manifesting an inheritance, better think twice because if you’re not ready to deal with the regulations and taxes that comes with it, it might not be worth it.