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Sunday, November 21, 2010

Dolce and Gabbana accused of one-billion-euro fraud: report

Italian fashion designer Domenico Dolce (R) and his teammate Stefano Gabbana answer questions during a press conference in June 2010 in Milan. Italian prosecutors on Friday requested the trial of famous fashion house Dolce and Gabbana for alleged tax fraud of around one billion euros (1.4 billion dollars), ANSA news agency reported
 (AFP/File/Alberto Pizzoli)

ROME (AFP) – Italian prosecutors on Friday requested the trial of famous fashion house Dolce and Gabbana for alleged tax fraud of around one billion euros (1.4 billion dollars), ANSA news agency reported.
The request came from Milan prosecutor Laura Pedio, it said.
Reports last month said investigators had completed an inquiry into founders Domenico Dolce and Stefano Gabbana, as well as five other people.
Il Sole 24 Ore business daily reported earlier the company had failed to declare 840 million euros in revenues.
The reported allegation is that Dolce and Gabbana created a company in Luxembourg in 2004 and 2005 which was given control of the group's brands, thereby avoiding Italian taxes.
The unpaid taxes amount to 420 million euros, one report said.
Italy has been cracking down on widespread tax evasion in recent months in an effort to raise governmentrevenues following the global economic crisis.
Dolce and Gabbana was set up in 1985 and employs more than 3,000 people, with a network of 116 stores and 17 factory outlets in 2009.


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