At the heart of the Valentino case is a Luxembourg holding company, called International Capital Group, or ICG, that was set up in 2006 by Marzotto family members to group the 29.6% combined stake they owned in VFG.

WSJ: Italy Scours Deals Abroad for Elusive Tax Revenue

"The most delicate phases of the VFG affair" were conducted in lawyers' and bankers' offices in Milan and Rome or in the private homes in Italy of brothers Vittorio and Matteo Marzotto, according to a November asset-confiscation order reviewed by The Wall Street Journal.

WSJ: Italy Scours Deals Abroad for Elusive Tax Revenue