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Police seize Briatore funds over fraud claims

Flavio Briatore sees funds seized over tax fraud claims
Former Renault team boss Flavio Briatore has had €1.5 million seized from bank accounts by Italian authorities according to reports in the Italian press.

A range of reports have suggested that authorities have made the move as they investigate alleged tax fraud linked to the use of his luxury yacht Force Blue, which was impounded by police and tax authorities last year.

The investigation centres around the use of the boat, which had been registered as a charter vessel outside the EU but was being used solely for personal use in European waters – with the decision to register it elsewhere effectively meaning it was being used as a tax break.

"This operation was ongoing for a year and resulted in the impounding of Flavio Briatore's yacht," Italian police chief Captain Giuseppe Pappalardo was quoted as telling reporters by GrandPrix.com. "Basically it is a matter of contraband because Signor Briatore is an EU citizen and the boat has been registered outside the European Union, so if he uses it in European waters then VAT applies.

“Foreign-registered boats are exempt from fuel taxes but only if they leave EU waters within eight hours of refuelling."

Sources suggest Briatore is currently staying at his coastal resort in Kenya.



Tagged as: Flavio Briatore , Briatore , tax , fraud

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jose - Unregistered

January 27, 2011 5:13 PM

Flavio they confiscated your Yacht? Hell those mean constabulary guys never show any respect. Drive you motor-home behind the paddock, we got you covered. After all every mans deserves a nice, warm, safe place to sleep. Just remember, get approvial from Uncle Bernie..., Jose

19Krpm - Unregistered

February 01, 2011 6:54 AM

Ironically this creep is still agent to some current F1 drivers. Flav and Symonds destroyed Piquet Jrs career in F1 and no tax penalty nor the sale value of his yacht could bring back NP. He was the the only young driver who was capable of leaving Lew Hamilton in the dust, before they moved to F1. What an incredible loss for F1 as a sport. It would be beneficial for F1 to embrace NP. MS has done more harm and endangered several other drivers on regular races than Piquet in that one time incident. The italian authorities were extremely generous with Flav by letting him go for just mild fine. Flav and Symonds should go away from F1 on a permanent basis.



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