Italian fashion designers Domenico
Dolce and Stefano Gabbana, the
men behind fashion power house,
Dolce & Gabbana were today June
19th sentenced to one year and
eight months in prison by an Italian
court after being found guilty of tax
evasion. They were also fined
€500,000.
The multimillionaire designers were
accused of hiding millions of euros
from Italian tax authorities, charges
they deny and have said they intend
to appeal against any conviction.
Italian authorities are accusing them
of moving their brand to a
Luxembourg-based holding
company Gado - in 2004, so they
could avoid declaring taxes on
royalties of about 1 billion euros.
The Italian authorities have been
investigating the designers for about
six years now and they were actually
cleared of tax evasion/fraud
charges at a previous trial in April
2011 but Italy's highest court
overturned that ruling, ordering that
the case be sent back to trial.
Their sentences have been
suspended pending their appeal.
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