Reuters —

Stellantis and Ferrari Chairman John Elkann has agreed to do a year of community service and pay a negotiated sum to settle a tax dispute over the inheritance from his grandmother, Italian prosecutors said Monday.

Elkann and his siblings Lapo and Ginevra will jointly pay 183 million euros ($215 million) to the Italian tax authorities related to the estate of their grandmother Marella Caracciolo who died in 2019, prosecutors in the northern city of Turin said.

Elkann also agreed to undertake a year of community service, thus ending a criminal investigation against him for alleged tax fraud in relation to the inheritance.

Prosecutors said they had given their approval to the agreement, which must now be ratified by a judge. In Italy, such a bargain does not imply an admission

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