Newly minted billionaires Domenico Dolce and Stefano Gabbana have been fined €434.4 million, or $440.2 million, by Italy’s Tax Commission, according to Women’s Wear Daily. Back in 2009, the designers behind Dolce & Gabbana were accused of dodging $533.2 million worth of corporate taxes after the suspicious sale of their label to what many deemed a puppet firm in Luxembourg, allegedly created to avoid higher taxes in Italy.
The two were declared innocent in court in April 2011, but the decision was overturned later that year, and must be retried in criminal court. Though it relates to the same suspicious activity, the fine from the Tax Commission is legally separate from the criminal case, which has yet to be retried.
Dolce and Gabbana, who have steadfastly maintained their innocence, are expected to appeal the fine.
[via] NYMag.com
