November 14, 2018 / 7:54 PM / a year ago

Italian prosecutors believe Recordati evaded 400 million euros in taxes - sources

MILAN (Reuters) - Italian prosecutors believe drugmaker Recordati (RECI.MI) evaded taxes of around 400 million euros (£347.48 million) by shifting some of its revenue to its Luxembourg- and Ireland-based units, judicial sources said on Wednesday.

The group is in talks with the Italian tax agency about the investigation, the sources said.

Recordati declined to comment on the issue.

The pharmaceutical group mentioned the investigation in its 2017 financial report, saying it had booked an estimated provision of 22.1 million euros, including penalties, even though it said it considered its fiscal conduct to have been correct.

Reporting by Manuela D'Alessandro; writing by Francesca Landini

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