29 September 2023 , 16:44
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The world's richest man has been accused of money laundering as part of a secretive luxury deal with a Russian oligarch at a popular ski resort.
Police are investigating Bernard Arnault, 74, and Nikolai Sarkisov, 55, for their involvement in a property purchase in the French Alps. Sarkisov, who owns several companies, is said to have been given a loan from the billionaire through one of his businesses.
Arnault has a huge empire as the boss of Moet Hennessy Louis Vuitton (LVMH). The fashion tycoon allegedly acquired 14 housing units from one seller in 2018 for €16m (£13.9m).
The complex deal is said to include companies located in France, Luxembourg and Cyprus. He is believed to be the suspected buyer but his name couldn't be found on the books of the business that had purchased the property.
Bernard Arnault is married to Helene Mercier (AbacaPress / SplashNews.com)It has since been reported that Sarkisov's company, called La Fleche, acquired three additional units from another company which he owned. Sarkisov is said to have collected a profit of around £1million from the deal, according to Le Monde reports. Arnault is said to have loaned Sarkisov nearly £16million for the deal. Following that, he purchased La Fleche, which essentially made him the owner of the whole property portfolio. French inquiries are looking to see whether the switch in ownership was designed to "hide the exact origin of the funds", reports Le Monde.
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Tracfin - part of the French justice system for combating money-laundering - suspected that the billionaire made nearly £2million from the deal. It is believed the intelligence group hasn't determined whether a crime has been committed. Sources close to the oligarch allegedly said he wasn't personally involved with the property deal, reports The Sun.
According to experts at Bloomberg, Arnault's fortune is thought to equate to a staggering $164bn (£134bn). His LVMH group is made up of Louis Vuitton, Moët champagne, Tiffany’s, watchmaker Tag Heuer, Hennessy cognac, and more. The 74-year-old is planning to hand over his empire to hopeful consumers including in Asia. He appointed his daughter Delphine, to run Christian Dior. Arnault was branded the world's richest man in an article in Forbes this year.