World’s second-richest man Bernard Arnault investigated for money laundering
Bernard Arnault, the second wealthiest person globally, is facing an investigation in France over suspected money laundering involving real estate transactions with a Russian oligarch named Nikolai Sarkisov.
The Paris public prosecutor’s office confirmed that a preliminary investigation was initiated last year concerning transactions between Arnault and Sarkisov. However, it’s crucial to note that a preliminary investigation doesn’t necessarily imply wrongdoing.
According to a report in the French newspaper Le Monde, Sarkisov acquired real estate in a luxury Alpine resort through a complex transaction, with Arnault’s involvement through one of his companies providing a loan.
Sarkisov purchased several properties in Courchevel, an exclusive ski resort known for its high-priced accommodations. Itis alleged to have loaned Sarkisov $21.2 million to purchase these properties under his name.
A Tracfin official, the French finance ministry’s financial intelligence unit, suggested that these transactions, involving intricate legal entities, might have been designed to hide the source of the funds used.
However, a person close to Arnault claimed that the arrangement with Sarkisov was legal under French law.
wealth is primarily derived from his stake in LVMH, a luxury conglomerate boasting famous brands like Louis Vuitton, Dior, Givenchy, Bulgari, Dom Pérignon, Sephora, and Fendi. He and his family are estimated to be worth $164 billion.
Despite being 74 years old, Arnault has postponed his retirement while grooming his five children to take on different roles within the family business:
- Delphine , 48, leads Christian Dior.
- Antoine , 46, serves as Dior Vice Chairman.
- Alexandre , 31, is the Executive Vice President of Tiffany & Co.
- Frédéric Arnault, 28, manages the TAG Heuer watch brand.
- Jean Arnault, 25, serves as the Head of Marketing and Development Officer at the company’s watches division.
The investigation into Arnault’s transactions with Sarkisov highlights the complexities of financial dealings at the highest levels of wealth and power. However, it’s important to remember that no wrongdoing has been proven at this stage, and the legal process will determine the outcome of this case.
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