Portobello, almost 10 million euros seized: the verification of the Revenue Agency
Judicial troubles per Portobellofounded in 2016 among others by Simone Prete (who is its major shareholder and managing director) and listed on the Euronext Growth Milan market, and which operates through three business units active in the media & advertising, retail and B2B sectors. This morning, in fact, the company announced that it had received a preventive seizure decree issued by the Public Prosecutor’s Office before the Ordinary Court of Milan concerning sums of money (credit balances) on relationships entered into with credit institutions operating with the company.
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The foretold seizure originates from a tax audit conducted by the Milan Revenue Agency relating to the 2017-2020 tax periods which ended with an assessment report (PVC) which was disclosed in the company’s financial statements as at 31 December 2022 and with respect to which Portobello established an assessment procedure with the Tax Agency several months ago. The seizure concerns total sums of 9,751,292.87 euros, and appears to be motivated by the non-completion of the aforementioned accession procedure. The company, for its part, “immediately took action in order to promptly represent to the investigating prosecutor the progress of the constant and frequent interlocutions with the Revenue Agency aimed at defining this procedure in the shortest possible time”.
Portobello will ask for the revocation of the same seizure order in the belief that it has always operated with the utmost correctness, promptness and determination and having already proceeded prudentially (demonstrating its willingness to reach a shared definitive solution in the short term with the Revenue Agency) to deposit a amount of approximately 4 million, corresponding – in the opinion of its consultants – to a sum deemed adequate to cover the potential liabilities deriving from the definition of the procedure. In 2022 the Portobello group achieved revenues of 130.5 million with an ebitda of 18.1 million euros and a net profit of 7.6 million.
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