French authorities are investigating LVMH owner and billionaire Bernard Arnault and Russian oligarch Nikolai Sarkisov for possible involvement in money laundering.
Billionaire Bernard Arnault and Russian oligarch Nikolai Sarkisov are "under preliminary investigation" for allegedly engaging in "transactions that could constitute money laundering," the Paris Public Prosecutor's Office told CNN . Earlier, the French newspaper Le Monde also reported this.
The preliminary investigation means Arnault is not yet considered a suspect and has not been charged with any wrongdoing. The prosecutor's office said it received a memo from Tracfin (the financial supervisory body of the French Ministry of Economy ) relating to real estate transactions involving Arnault and Sarkisov. This memo was added to a preliminary investigation conducted since 2022 concerning the Russian oligarch's activities in France.
Billionaire Bernard Arnault (left) and Russian oligarch Nikolai Sarkisov. Photo: AP, Reuters
Le Monde reported that the document was sent by Tracfin to the Lyon Public Prosecutor's Office in December 2022. The case was then "quickly" transferred to the Paris Public Prosecutor's Office.
According to these documents, Sarkisov's companies purchased 14 resort properties in Courchevel (France) in 2018 for €16 million ($17 million). They conducted this transaction through a complex business network in France, Luxembourg, and Cyprus.
Sarkisov's name does not appear in any of the books of the company that carried out these transactions, SNC La Fleche. According to Tracfin, Sarkisov is the true owner of SNC La Fleche.
Around the same time, Le Monde reported that SNC La Fleche bought three other properties in the same area from a company called SNC Croix Realty for 2.2 million euros. Sarkisov is also said to own SNC Croix Realty.
Tracfin claims that, through his private company, French billionaire Bernard Arnault lent Sarkisov 18.3 million euros (19.4 million USD) to finance these transactions. According to Le Monde, the LVMH owner later bought La Fleche in December 2018.
The investigation therefore focused on explaining Arnault's actions. "The change of ownership of these assets appears to be intended to conceal the source of the money, complicate transactions, and make it difficult to identify the real buyer," Trafin investigators said. They suspect this is a case of "money laundering."
Le Monde , citing sources close to Arnault, confirmed that the transactions "strictly complied with the law." Sarkisov's representative also stated that the Russian oligarch "was not involved" in these transactions and "had no business relationship" with Arnault.
Sarkisov is currently not on the list of individuals sanctioned by the West following the Russia-Ukraine conflict. He holds a key position at his brother Sergey's insurance company, RESO-Garantia (Russia). Sarkisov was once a billionaire, with a net worth of $1.1 billion in 2014, according to Forbes.
Arnault is the CEO and chairman of LVMH, the world's largest luxury goods empire. He is currently the world's second richest person with a net worth of $187 billion, according to Forbes.
Ha Thu (according to CNN, Le Monde)
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