LVMH boss Bernard Arnault under investigation in Paris over Russian oligarch transactions


Bernard Arnault, Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, attends a news conference to present the 2022 annual results of LVMH in Paris, France, January 26, 2023.
Gonzalo Fuentes | Reuters

The Paris public prosecutor’s office is investigating LVMH CEO Bernard Arnault over financial transactions involving Russian oligarch Nikolai Sarkisov.

French newspaper Le Monde reported Thursday, citing France’s Tracfin financial intelligence unit, that Sarkisov had bought real estate at an Alpine resort with the help of a loan from Arnault.

The Paris prosecutor’s office confirmed Friday that a preliminary investigation had been underway since 2022, and that a Tracfin report “drawing the attention of the prosecutor’s office to operations concerning Mr. Bernard Arnault and Mr. Sarkisov, likely to characterize acts of money laundering, has been attached to this procedure.”

The prosecutor’s office declined to comment further on the ongoing investigations. A preliminary investigation does not necessarily imply wrongdoing, and Le Monde cited a close associate of Arnault as saying the deal was carried out within the scope of French law.

Arnault, the founder, CEO and chairman of the world’s largest luxury goods company and one of the world’s richest men, lost a high court case against French tax investigators in February over the legality of a 2019 raid on LVMH’s headquarters. The raid related to a tax fraud probe linked to activities in Belgium.

Nikolai Sarkisov is a senior figure at his brother Sergei’s Russian insurance company, RESO-Garantiya.

LVMH and RESO-Garantiya did not respond to CNBC requests for comment.

Products You May Like

Articles You May Like

‘Recession pop’ is in: Why so many listeners are returning to music from darker economic times
Ripple CEO Says SEC Lawsuit Is Almost At Its Ends, Here’s The Next Important Date
ASML bookings surge as AI chip demand boosts purchases of its critical semiconductor tools
How on-time rent payments can help ‘credit invisible’ consumers be seen
Citadel’s Ken Griffin buys a stegosaurus for $45 million in a record auction sale

Leave a Reply

Your email address will not be published. Required fields are marked *