Prada chief executives investigated for possible tax evasionSeptember 29, 2014 - 12:04 AMT PanARMENIAN.Net - Prada's two chief executives are being investigated by Italian authorities for possible tax evasion, the company said, according to BBC News. Miuccia Prada and Patrizio Bertelli are being examined over "the accuracy of certain past tax filings by them as individuals in respect of foreign-owned companies", it said in a statement. The inquiry comes after Prada disclosed it was bringing its holding company back to Italy from Luxembourg in 2013. The alleged tax evasion stems from the 10 years they were based in Luxembourg. "Neither the company nor any of its subsidiaries was or is involved in this matter," Prada chairman Carlo Mazzi said in a statement to the Hong Kong Stock Exchange, where the company is listed. The luxury fashion house has seen weak sales in Asia and Europe this year, which led to a 21% drop in first-half profit. Prada shares fell by nearly 2% on Monday, Sept 29. They have lost about 30% of their value this year. This is not the first time Italian tax authorities have targeted high-profile brands. Last year fashion designers Domenico Dolce and Stefano Gabbana, also known as Dolce & Gabbana, were investigated. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |