’s richest man investigated over ‘Russian ties’

17’s richest man investigated over ‘Russian ties’

Bernard Arnault’s lawyer argued that the CEO of LVMH is just too respectable to have interaction in petty cash laundering

French luxurious items magnate Bernard Arnault is being probed over a suspicious monetary transaction involving a Russian businessman Nikolai Sarkisov, in keeping with the Paris public prosecutor’s workplace.

The case was delivered to gentle by the French newspaper Len Monde, which reported earlier final week, citing a December 2022 doc from France’s Tracfin monetary intelligence unit, that Sarkisov acquired actual property on the Alpine ski resort of Courchevel in 2018 through a fancy transition wherein Arnault allegedly had offered a mortgage by means of considered one of his firms. 

The prosecutors didn’t disclose the goal of the preliminary investigation, however confirmed that doubtlessly suspicious monetary transactions between Arnault and Sarkisov had been added to the inquiry after the workplace obtained an alert from Tracfin.

“A preliminary investigation has been underway since 2022, and… the Tracfin report drawing the eye of the prosecution to operations regarding Mr. Bernard Arnault and Mr. Sarkisov, prone to characterize acts of cash laundering, was connected to this process,” the Paris prosecutor’s workplace mentioned in a assertion.

Bernard Arnault controls French luxurious group LVMH, the mother or father firm of such manufacturers as Louis Vuitton, Christian Dior, Bulgari, Moët, Hennessy and plenty of different, whereas the billionaire’s  private fortune fluctuates and he’s thought-about to be the wealthiest or second richest man on this planet, relying on the day. His lawyer, Jacqueline Laffont, referred to as the allegations “as absurd as they’re baseless.” 

“Who can significantly think about that Mr. Bernard Arnault, who for the previous 40 years has constructed France and Europe’s high firms, would have interaction in cash laundering to broaden a resort? I feel that the mindless nature of those allegations can’t escape anybody,” Laffont mentioned in a press release to Reuters.

Nikolai Sarkisov, who co-owns an insurance coverage firm Reso-Garantiya along with his brother, additionally denied the allegations. Reso-Garantia Deputy CEO Igor Ivanov, informed CNBC in an e mail that neither the corporate, nor Sarkisov personally, had been concerned within the transaction, and that the French investigators made no requests for any paperwork from the corporate.

“Mr Sarkisov and Mr Arnault have by no means met,” Ivanov acknowledged, including that “all transactions have been carried out by French firms, by means of French notaries by French attorneys on all sides. This was a traditional actual property deal.”

In France a preliminary investigation doesn’t essentially suggest wrongdoing because the presumption of innocence applies.

You possibly can share this story on social media:

Supply hyperlink