ION Founder to Pay €280 Million to Settle Tax Probe: Carlino

ION Group founder Andrea Pignataro has reached an agreement with Italian tax authorities to pay €280 million ($319 million) to end a probe into alleged tax evasion, Il Resto del Carlino reported on Sunday.

Prosecutors in Bologna, where the fintech billionaire was born, had originally sought up to €1.2 billion in arrears, interest and other costs relating to a period up to 2023, according to the newspaper. He’ll make the payments in instalments over five years, Carlino said. While a criminal case against him remains open, the settlement could work in his favor in that process, the newspaper said.