Bulgari assets seized by Italian Police

Police in Italy have seized assets from Bulgari worth €46 million (£39.7m) as part of an investigation into tax evasion.

Bulgari has been stripped of properties, including its flagship store in Rome, bank assets and company stakes.

The police investigation centres on Bulgari family members Paolo and Nicola Bulgari, chief executive Francesco Trapani and the luxury group's lawyer Maurizio Valentini, although no arrests have been made.

The four men are accused of making fraudulent declarations about €3 billion (2.6bn) of revenues by using foreign subsidiaries. The period into which the police are looking runs from 2006 to 2011, which falls before the acquisition of the Italian watch and jewellery brand by luxury group LVMH.

Bulgari is reported to have said that “is extremely surprised” by the allegations and that it "will take all actions necessary to clarify its position”.