World's top luxury group LVMH head Bernard Arnault delivers a speech during a meeting after LVMH was named as final premium sponsor of 2024 Paris Olympics, in Paris on July 24, 2023. LVMH group announced on July 24, 2023, that it was the sixth premium partner for the Paris 2024 Olympic Games, allowing the comittee to almost reach their objective of 1.24 billion euros in partnerships. (Photo by JULIEN DE ROSA / AFP) (Photo by JULIEN DE ROSA/AFP via Getty Images)

Collector Bernard Arnault faces money laundering investigation

Collector Bernard Arnault, owner of Fondation Louis Vuitton, is reportedly under investigation for money laundering in France.

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Collector Bernard Arnault, owner of LVMH, a fashion conglomerate and Fondation Louis Vuitton, is reportedly under investigation for money laundering in France.

The investigation, which was first reported by Le Monde last week, is focused on Arnault’s business dealings with Nikolai Sarkisov, a Russian oligarch who is not currently subject to sanctions in Europe.

The Paris Prosecutor’s Office has launched a preliminary investigation, indicating that Arnault is not yet accused or suspected of money laundering.

Jacqueline Laffont, Arnault’s lawyer, stated that the investigation’s allegations were baseless and ridiculous. In response to the allegation that Arnault had helped Sarkisov acquire a hotel in Courchevel, a resort in the French Alps, she clarified that “The transaction that allowed for the expansion of the Hotel Cheval Blanc in Courchevel is well-known and was carried out in accordance with the law and with legal support. The investigation, which seems to be underway, will prove these facts.”

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“Who could seriously imagine that Bernard Arnault, who has developed the leading French and European company over the past 40 years, would resort to money laundering to expand a hotel?” Laffont said.

A representative for Sarkisov stated to Le Monde that he had no personal involvement in the dealings under investigation. According to a report by Le Monde, an investigation is being conducted on Sarkisov for his alleged purchase of numerous properties in Courchevel during the autumn of 2018. It is believed that these properties were obtained through a company called SNC La Fleche, which is reportedly owned by holding companies in Sarkisov’s name, although he was not directly linked to the transaction. In December of the same year, LVMH acquired SNC La Fleche, as per the report by Le Monde.

 

 

 

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