Rome - Italian tax police seized a mega-yacht rented by Flavio Briatore and placed the former Renault Formula One team principal under investigation for alleged tax evasion, police and news reports said on Friday.
Italy's tax police said in a statement they seized the "Force Blu" off La Spezia on Thursday following an investigation into some €4.8 million in unpaid Value Added Tax for the yacht and its fuel.
Two officials from yacht owners Autumn Sailing Ltd., based in the British Virgin Islands, are also under investigation along with Briatore, according to the ANSA and Apcom news agencies.
Police said the accusations stem from the fact that under Italian tax rules, the use of a foreign-owned, foreign-flagged boat by a European Union citizen in EU waters required VAT to be paid.
Briatore told ANSA the seizure - and resulting eviction of his wife and young son from the vessel - could have been avoided and that he was convinced the matter would be resolved quickly.
He said he was one of many individuals to rent the yacht, but police said Briatore, was essentially the only user of the vessel in the EU.