Latest news with #IONGroup
Mint
a day ago
- Business
- Mint
ION Founder to Pay €280 Million to Settle Tax Probe: Carlino
(Bloomberg) -- ION Group founder Andrea Pignataro has reached an agreement with Italian tax authorities to pay €280 million ($319 million) to end a probe into alleged tax evasion, Il Resto del Carlino reported on Sunday. Prosecutors in Bologna, where the fintech billionaire was born, had originally sought up to €1.2 billion in arrears, interest and other costs relating to a period up to 2023, according to the newspaper. He'll make the payments in instalments over five years, Carlino said. While a criminal case against him remains open, the settlement could work in his favor in that process, the newspaper said. Although Pignataro claims to reside in Switzerland and most of ION's business is in the UK, officials said he was liable to pay taxes in Italy because his family has lived there throughout the period, Carlino said. Investigators pored through travel and phone records and examined his personal relationships to conclude that he spent most of his time in his home country, according to the report. A representative for Pignataro declined to comment. The Italian tax authority couldn't immediately be reached outside business hours. Pignataro has quietly become one of the most important men in Italian finance, building a network of companies that control data, trade securities and help the European Central Bank manage the euro. In Italy, through ION, Pignataro controls financial services firms Cedacri SpA, Cerved Group SpA and Prelios SpA. That means the group handles large amounts of data on Italian borrowers and companies, while providing software for most lenders. He's also bought stakes in Banca Monte dei Paschi di Siena SpA, Illimity Bank SpA and Cassa di Risparmio di Volterra. After studying at Bologna University, Pignataro worked as a bond trader in London, where he later received a doctorate in math from London's Imperial College. While working for Salomon Brothers, he helped lead a joint venture with Pisa-based software firm List Holdings, filings show. That business would eventually become ION Trading UK, the start of what is now ION Group. Bloomberg LP, the parent company of Bloomberg News, competes with ION in providing financial software and data. --With assistance from Luca Casiraghi. (Updates with response from Pignataro representative in fourth paragraph.) More stories like this are available on
Bloomberg
a day ago
- Business
- Bloomberg
ION Founder to Pay €280 Million to Settle Tax Probe: Carlino
ION Group founder Andrea Pignataro has reached an agreement with Italian tax authorities to pay €280 million ($319 million) to end a probe into alleged tax evasion, Il Resto del Carlino reported on Sunday. Prosecutors in Bologna, where the fintech billionaire was born, had originally sought up to €1.2 billion in arrears, interest and other costs relating to a period up to 2023, according to the newspaper. He'll make the payments in instalments over five years, Carlino said. While a criminal case against him remains open, the settlement could work in his favor in that process, the newspaper said.
Bloomberg
11-04-2025
- Business
- Bloomberg
ION Plans to Hire Veteran Italian Spy in Major Security Push
ION Group's Andrea Pignataro is planning to hire one of Italy's former top spies in a bid to boost the company's offering of financial security services. The London-based fintech firm is in advanced talks with Italy's top intelligence body's former deputy director Giuseppe Del Deo for a senior security role at the company, according to people familiar with the matter. Officials at the intelligence body, also known as DIS, report to the Prime Minister.
Bloomberg
10-04-2025
- Business
- Bloomberg
Italy Seeks €1.2 Billion From ION's Pignataro in Tax Probe
Italian authorities are seeking as much as €1.2 billion ($1.3 billion) from London-based ION Group founder Andrea Pignataro as part of a probe over alleged tax evasion, according to people familiar with the matter. Prosecutors in Bologna, where the fintech billionaire was born, are asking him to pay arrear taxes for the 2016 to 2023 period to the tune of around €500 million, said the people, who asked not to be identified because they aren't authorized to talk about it. The bill could rise to €1.2 billion, including interest and other costs, they people said.
Bloomberg
21-03-2025
- Business
- Bloomberg
ION's Pignataro Plans €2 Billion Technology Hub on Greek Coast
Italian fintech tycoon Andrea Pignataro is developing a plan for a €2 billion ($2.2 billion) technology hub on the Greek coast that would host as many as 3,000 people. Pignataro is working with architect Renzo Piano on the campus for ION Group in Anavyssos, a seaside town south east of Athens, according to people familiar with the matter. The site would let ION centralize its research and development operations, which are currently spread across countries including the US, the UK and India.
