(Alliance News) - Portobello Spa has announced that it has been notified of a preventive seizure order issued by the Milan Public Prosecutor's Office concerning sums of money - EUR9.8 million - on accounts held at credit institutions operating with the company.

The seizure originates from a tax audit conducted by the Milan Internal Revenue Service relating to the 2017-2020 tax periods, which ended with a tax audit report that was reported in the company's annual financial statements as of December 31, 2022, and with respect to which Portobello has been instituting an assessment procedure with the Internal Revenue Service for several months.

"Portobello will proceed to request the revocation of the same seizure order in the conviction that it has always acted with the utmost fairness, promptness and determination and having already taken prudential steps - as a demonstration of its willingness to reach in the short term a shared final settlement with the Inland Revenue - to deposit in a special current account for the purpose an amount of approximately EUR4 million, corresponding - in the opinion of the company's consultants - to an amount considered adequate to cover potential liabilities arising from the settlement of the procedure," the SME explained.

To date, appropriate investigations are underway regarding any implications arising from the seizure order. In any case, "the company does not see any significant effects on its business operations. Portobello will provide timely updates on the development and outcome of the ongoing activities."

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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