Italian textile magnates convicted of tax fraud

Two members of the Marzotto family, owners of the Italian textile company of the same name, and a group executive were convicted Wednesday of tax fraud, local media reported.

Matteo Marzotto, his sister Diamante and businessman Massimo Caputi were given nominal ten-month prison sentences by a court in Milan for evading a 70-million euro ($70-million) tax bill on the family's 2007 sale of the Valentino fashion house to investment fund Permira.
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The sale was organised through a company based in Luxembourg but should have been liable for Italian taxes, the judge in the case ruled.

None of those convicted will go to jail immediately, pending up to two appeals against the sentences.

Marzotto specialises in producing high-quality wool, cotton, linen and silk-based textiles for Italy's luxury and fashion sectors. Valentino now belongs to a Qatari investment fund which took over Permira.