Italy probes Fiat patriarch Agnelli's inheritance

Italy probes Fiat patriarch Agnelli's inheritanceRome  - Italy's tax office has confirmed it is investigating the inheritance of Gianni Agnelli, the late Fiat chairman and patriarch of one of Italy's richest families, following reports that at least 1 billion euros (1.44 billion dollars) in assets may have been illegally stashed in Switzlerland.

The Agenzia delle Entrate's director Attilio Befera was quoted as saying by a newspaper Thursday that tax inspectors were seeking clarity on the "existence of assets abroad that have not been declared".

Befera, according to the daily Corriere della Sera, also said that the probe which began in June was triggered by information provided by Gianni Agnelli's heirs.

Befera's comments follow a report Wednesday evening by the television news programme TG5 that said authorities are investigating a fortune worth more than euro 1 billion accumulated in Switzerland and allegedly never declared in Italy.

Since 2007 Agnelli's only surviving child, Margherita Agnelli de Pahlen, has been involved in a bitter legal dispute with her mother, Gianni's widow, Marella Caracciolo Agnelli, over the inheritance.

The very public rift has caused embarrassment to the scions of a family often described as Italy's uncrowned royals and compared to the Kennedys in America.

In particular, the dispute has reportedly led to the estrangement of De Pahlen from her sons, current Fiat vice-chairman John Elkann - hand-picked by Gianni Agnelli as his successor to head the Turin-based car giant - and his brother Lapo.

When Gianni Agnelli died in 2003, the family initially reached a private deal on the division of the estate among a total of 11 heirs, but the agreement was later disputed by Margherita Agnelli de Pahlen.

Through a legal suit Agnelli de Pahlen is seeking fuller accounting of her father's estate, claiming that not all of his private assets had been calculated in the division of the inheritance. (dpa)