ION Group founder Andrea Pignataro has agreed to pay €280 million to the Italian tax authorities to settle an investigation into suspected tax evasion. Prosecutors initially requested it to pay back taxes, interest, and other expenses up to 2023, totaling 1.2 billion euros, but Pignataro will pay this amount in five-year installments. Although Pignataro previously claimed to have lived in Switzerland, investigators determined that he spent most of his time in Italy. This settlement is likely to benefit related criminal cases that are still being tried.

ION Group founder Andrea Pignataro has agreed to pay €280 million to the Italian tax authorities to settle an investigation into suspected tax evasion. Prosecutors initially requested it to pay back taxes, interest, and other expenses up to 2023, totaling 1.2 billion euros, but Pignataro will pay this amount in five-year installments. Although Pignataro previously claimed to have lived in Switzerland, investigators determined that he spent most of his time in Italy. This settlement is likely to benefit related criminal cases that are still being tried.