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The original was posted on /r/worldnews by /u/fortune on 2023-10-02 13:08:13.
World’s second richest man LVMH's Bernard Arnault under investigation in Paris over connections to Russian oligarch
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Bernard Arnault, the world’s second richest man and CEO of LVMH—one of Europe’s most valuable companies—is the subject of an investigation over financial transactions linked to Russian oligarch Nikolai Sarkisov.
“The transaction that allowed for the expansion of the Hotel Cheval Blanc in Courchevel is perfectly known and was conducted in accordance with the law and with legal support,” Jacqueline Lafont, Arnault’s attorney, said in a statement to Fortune.
“Furthermore, who could seriously imagine that Bernard Arnault, who has developed over the past 40 years the leading French and European company, would pursue money laundering to expand a hotel?”
The Moscow-based company is one of the most prominent insurance players in the country, and offers a wide range of coverage for individuals and legal entities.
French multi-billionaire-owned LVMH, which owns luxury brands including Louis Vuitton and Christian Dior, is among Europe’s largest companies by market capitalization.
Earlier this year, Arnault lost a case to French tax investigators regarding a raid of LVMH’s headquarters in 2019 relating to its operations in Belgium.
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