Italy Seeks €1.2 Billion From ION’s Pignataro in Tax Probe

Italian authorities are seeking as much as €1.2 billion ($1.3 billion) from London-based ION Group founder Andrea Pignataro as part of a probe over alleged tax evasion, according to people familiar with the matter.

Prosecutors in Bologna, where the fintech billionaire was born, are asking him to pay arrear taxes for the 2016 to 2023 period to the tune of around €500 million, said the people, who asked not to be identified because they aren’t authorized to talk about it. The bill could rise to €1.2 billion, including interest and other costs, they people said.