'Italy Seizes €84 Million From GXO Logistics Over Alleged Tax Fraud' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Italy's tax police have seized €84 million from GXO Logistics' Italian unit following an investigation into alleged tax fraud. The Milan Prosecutors' Office accused GXO of circumventing labor and tax laws through cooperatives or limited liability companies, resulting in false tax declarations and worker exploitation. GXO is cooperating with the investigation.
July 02, 2024 | 4:57 pm
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GXO Logistics is under investigation in Italy for alleged tax fraud, leading to the seizure of €84 million. The company is accused of using cooperatives to circumvent labor and tax laws, resulting in false tax declarations and worker exploitation.
The seizure of €84 million and allegations of tax fraud are significant legal and regulatory issues that could negatively impact GXO's stock price in the short term. The company's involvement in such a serious investigation raises concerns about its business practices and compliance with laws.
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