> ANSA English > News

Real estate heiress accused of two-bn-euro tax evasion

Armellini also suspected of dodging taxes on property empire

21 January, 12:01
Real estate heiress accused of two-bn-euro tax evasion (ANSA) - Rome, January 21 - Roman real estate heiress Angiola Armellini is under investigation for suspected tax evasion on two billion euros of assets.

The suspect, daughter of the late Renato Armellini, the so-called 'king of bricks' in the capital in the 1970s, is accused of criminal association in order to avoid paying taxes.

Eleven other people face the same charges in connection with the case.

Finance police believe Armellini is the de facto head of a complex business empire created in the 1990s to conceal capital from the inland revenue through a series of off-shore companies located in Monaco, Luxembourg, Jersey and other 'tax havens'. Investigators also say she owns some 1,243 properties in Rome and that she has never paid local property tax on any of them.

This is not the first time that Armellini is implicated in alleged financial crimes.

In 1991 she was involved in a case of suspected fiscal fraud and false accounting to over 500 billion lire.

Five years later, in 1996, she was investigated together with her ex-husband for fraudulent bankruptcy to the tune of 200 billion lire.