Renault executive gets prison time for tax fraud over his yacht
18 hours ago Print Email
Flavio Briatore's 63m Force Blue was seized by Italian tax authorities in 2010
Flavio Briatore, the former head of Renault’s F1 team, has received an 18-month sentence for tax fraud in connection with his yacht. Briatore’s 63m (206ft) Force Blue was seized by Italian tax authorities in 2010.
Briatore was convicted of not paying €3.6m of VAT on the yacht and avoiding €800,000 of fuel duties between 2006 and 2010.
Briatore’s initial 23-month sentence was reduced to 18 months despite prosecutors asking for a four-year sentence, according to AFP. His lawyers said they would appeal the sentence.
Force Blue is registered in the Cayman Islands. Briatore claims he does not own the yacht, but rents it from a company registered in the British Virgin Islands (BVI). Prosecutors said that he owns the BVI company and is therefore owner of the yacht.