Ferrari chair John Elkann to do community service over tax case

John Elkann and two of his siblings will pay €183m to settle an Italian inheritance tax dispute.

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John Elkann and his siblings Lapo and Ginerva will pay €183m (£159m) to Italian tax authorities, Italian prosecutors said, according to multiple media reports.

Mr Elkann's lawyer said the agreement did not include an admission of liability from the Ferrari chair and his siblings.

He said the prosecutors' decisions were an opportunity to bring "this painful affair to a swift and definitive close".

Mr Elkann, a member of one of the most powerful families in Italy, is the grandson of Gianni Agnelli, the former boss of Fiat.