Bernard Arnault, the world’s second-richest man and chief executive of LVMH, one of Europe’s most valuable companies, is facing charges over his ties to Russian oligarch Nikolai Sarkisov were investigated for their financial transactions.
The prosecutor’s office said the investigation into the matter was first launched in 2022.But news of the incident was made public last week, when French media world report Authorities are investigating Sarkisov for using Arnaud’s loan to buy a ski resort in the French Alps. The report quoted Tracfin, the anti-money laundering arm of the French Economy Ministry, which flagged the transaction as a suspicious financial transaction.
The opening of an investigation does not imply guilt among the parties involved, and no one has yet been charged.
Arnold’s lawyers dismissed the accusation that Arnold was involved in fraudulent transactions as “ridiculous and baseless.”
Arnaud’s lawyer, Jacqueline Lafont, said in a statement that “the transaction that allowed for the expansion of the Hotel Cheval Blanc in Courchevel was well known and was carried out in accordance with the law and was approved by the law.” support.” wealth. “Furthermore, who could seriously imagine that Bernard Arnault, who has grown into a leading company in France and Europe over the past 40 years, would launder money to expand his hotels?”
world An unnamed Arnault colleague was quoted as saying the deal was done within French law.
Sarkisov owns Russian insurance company RESO-Garantia with his brother.Headquartered in Moscow company is one of the most reputable insurance companies in the country, offering a wide range of insurance to individuals and legal entities.
A spokesman for RESO-Garantia told New York Times Sarkisov neither saw nor participated in the transactions under investigation.
“The transaction was managed by a small investment arm specialized in investing in European real estate,” RESO-Garantia spokesman Igor Ivanov said in a statement. He added that some of the properties were located in Courchevel, where Sarkisov purchased the ski resort. The resort is also located here. .
“All transactions are conducted by French companies, French lawyers for the parties, and through French notaries,” he said.
RESO-Garantia is also under investigation by French authorities in connection with another “influence-peddling” case involving former French President Nicolas Sarkozy. US$3 million Signed a contract with the group to act as a consultant.
The prosecutor’s office could not be reached for further comment on the ongoing investigation. Tracfin did not return immediately wealthRequest for comment.
The footprint of LVMH Moët Hennessy Group
LVMH, owned by a French billionaire, owns luxury brands such as Louis Vuitton and Christian Dior and is one of Europe’s most valuable companies.Arnold’s net worth is $167 billion, according to the Bloomberg Billionaires Index.The group’s revenue is 42.2 billion euros Revenue in the first half of 2023 was US$44.5 billion, an increase of 15% over the same period last year. In July, the company agreed to become a premium sponsor of the 2024 Summer Olympics in France, injecting millions of dollars into the sporting event.
The company has quickly grown into one of the world’s major luxury goods companies, which in some cases has put it under scrutiny.
Earlier this year, Arnold lost a case before French tax investigators related to a 2019 raid on LVMH’s headquarters related to its operations. in belgium. The company said any tax differences could be a “procedural matter” under European law and that French authorities were aware of its activities.
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