French justice has been investigating French billionaire Bernard Arnault for months. He is the founder and majority shareholder of family business LVMH, the largest maker of luxury products in the world, which also includes the fashion brand Louis Vuitton. The reason is a financial transaction between Arnault and the Russian oligarch Nikolay Sarkisov, in which money may have been laundered in a luxurious ski resort in the French Alps. The preliminary investigation has been ongoing since last year, but was reported on Friday various French media outwards.
Also read: One throne and five children: who will be the new luxury Pope?
The French newspaper Le Monde published a story on Thursday containing details of the potentially criminal transaction. The 55-year-old Sarkisov is said to have bought fourteen houses five years ago for a total of 16 million euros. The official buyer was a company in which Sarkisov owns the shares, after which it sold the houses back to the Russian oligarch as a private individual. He is said to have made a profit of 1.2 million euros.
It is still unclear whether and to what extent the transaction is punishable, but French justice has suspicions of money laundering. Arnault, one of the richest men in the world, is said to be involved in this case because he lent the necessary millions to Sarkisov. A spokesperson for Arnault stated that the real estate transaction is in line with French laws and regulations. Sarkisov himself is said to have earned only a few hundred thousand euros, the Russian denies personal involvement.
#French #justice #investigating #billionaire #Arnaults #involvement #suspicious #real #estate #transaction #Russian