MILAN (Reuters) -Prosecutors in the Italian city of Bologna have dropped a case against tech billionaire Andrea Pignataro, founder of financial software and data firm ION, following a settlement deal
Italian Authorities Drop Tax Evasion Case Against ION's Pignataro
Overview of the Tax Evasion Case
MILAN (Reuters) -Prosecutors in the Italian city of Bologna have dropped a case against tech billionaire Andrea Pignataro, founder of financial software and data firm ION, following a settlement deal with the country's tax agency.
Settlement Details
Pignataro told Reuters in June ION had agreed to pay 280 million euros ($326.5 million) to settle a dispute with Italian authorities over alleged tax evasion.
Prosecutors' Investigation
Prosecutors had been investigating allegations ION had failed to pay taxes due in Italy between 2016 and 2023 by relying on the fact that Pignataro resided abroad when Italy remained the centre of his business and family interests.
Legal Defense Response
The acquittal ruling said that for the years covered by the investigation Italy had not been at the centre of those business and family interests.
"We're very happy that the judge acknowledged Pignataro did not break any criminal law," defence lawyer Marco Calleri told Reuters.
Italy had initially sought 1.2 billion euros from ION, with interest payments adding to the initial figure of 432 million euro in lost tax revenues.
($1 = 0.8575 euros)
(Reporting by Emilio Parodi; Writing by Valentina Za; editing by Barbara Lewis)
