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November 7, 2012

Italy’s Marzotto family, the former owner of Valentino Fashion Group, has made headlines for alleged tax evasion during the sale of the clothing company in 2007.

Italy’s Marzotto family, the former owner of Valentino Fashion Group, has made headlines for alleged tax evasion during the sale of the clothing company in 2007.

The country’s police have reportedly confiscated assets worth €65 million, including a 15th century castle, owned by the Marzottos.

According to the police in Milan, the family made profits of around €200 million following the sale of its stake in Valentino but did not pay any tax on the gains.

October 25, 2012

German family business Bosch, one of Europe’s largest companies by revenues, has been accused of stealing secret technology from a UK rival, but has denied the allegations.

German family business Bosch, one of Europe’s largest companies by revenues, has been accused of stealing secret technology from a UK rival, but has denied the allegations.

British appliance group Dyson has filed legal proceedings, claiming Bosch – a manufacturing and engineering firm – placed a mole in its company, who has allegedly been passing on secrets to Bosch for up to two years.

October 9, 2012

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The world of Indian movies is dominated by songs, dances and drama – lots of it. And now, one family business has found itself in the midst of it all due to the lyrics of a song in an upcoming Bollywood film.

The Birla family, which controls multi-billion-dollar conglomerate the Aditya Birla Group, has sent a legal notice to Prakash Jha – the director of a new film called Chakravyuh– objecting to a song in the movie.

October 4, 2012

The chair of France’s market regulator reckons LVMH, the luxury group controlled by Bernard Arnault, did not engage in insider trading when building up a stake in fellow family business Hermes.

The chair of France’s market regulator reckons LVMH, the luxury group controlled by Bernard Arnault, did not engage in insider trading when building up a stake in fellow family business Hermes.

Paris-based LVMH, owner of Louis Vuitton, bought its first 14% stake in Hermes in 2010, which it later raised to more than 20%.

September 6, 2012

The family behind Essar Energy, a London-listed subsidiary of India’s Essar Group, appears to have won its battle against a British lobby group that had criticised its corporate governance practices.

The family behind Essar Energy, a London-listed subsidiary of India’s Essar Group, appears to have won its battle against a British lobby group that had criticised its corporate governance practices.
 
At the family-controlled business’s annual general meeting on 4 September, family member Prashant Ruia was re-elected as a director of the company, with 99.73% votes in his favour.
 

August 24, 2012

Essar Energy, a London-listed subsidiary of Indian family business Essar Group, is confident about its corporate governance principles, despite being criticised by a UK lobby group.

Essar Energy, a London-listed subsidiary of Indian family business Essar Group, is confident about its corporate governance principles, despite being criticised by a UK lobby group.

August 16, 2012

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

Kim Seung-Youn, chair of South Korean conglomerate Hanwha, has been jailed for four years and fined 5.1 billion Korean won (€3.7 million) after being found guilty of embezzlement.

The 60-year-old head of the family business, whose operations range from manufacturing and construction to financial services, was sent directly to jail following the ruling by a South Korean court today.

July 23, 2012

The rich and their families are hiding more than $21 trillion (€17.36 trillion) in offshore tax havens, equivalent to around $250 billion in lost tax revenues for governments, according to a report released on Sunday.

The rich and their families are hiding more than $21 trillion (€17.36 trillion) in offshore tax havens, equivalent to around $250 billion in lost tax revenues for governments, according to a report released on Sunday.

Conducted for the Tax Justice Network, a pressure group that campaigns against tax havens, the study drew on data from the World Bank, the International Monetary Fund, the Bank for International Settlements and national treasuries.

July 19, 2012

Giuseppe Mandara, head of Italian cheese-making family business Mandara Group, has been arrested for alleged ties to the Camorra.

Giuseppe Mandara, head of Italian cheese-making family business Mandara Group, has been arrested for alleged ties to the Camorra.

According to media reports, the third-generation president of the family firm – one of the country’s biggest buffalo mozzarella-makers – was taken into custody this week. Company assets worth about €100 million were also seized.

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