Bernard Arnault responds to recent allegations of money laundering

October 02, 2023 08:25 AM PDT | By Invezz
Follow us on Google News:

Bernard Arnault responded to recent allegations of money laundering – calling them “absurd and unfounded” on Monday.

Arnault denies wrongdoing

Last week, a French newspaper Le Monde said that a Tracfin report alleges that the chief executive of LVMH may have broken the law as he loaned money to Nikolai Sarkisov to buy real estate at an Alpine resort.

The publication also added that Paris prosecutor’s office is conducting a preliminary investigation into the billionaire’s dealing with the Russian oligarch, as Invezz reported here.

On Monday, though, Jacqueline Lafont – Bernard Arnault’s attorney said the transaction being probed was executed well within bounds of the French law.

Who could seriously imagine that Bernard Arnault, who has developed over the past 40 years the leading European company, would pursue money laundering to expand a hotel?

Sarkisov denies allegations as well

Spokesperson for Nikolai Sarkisov – brother of billionaire Sergei Sarkisov who founded RESO-Garantiya in 1991 also denied allegations of money laundering on Monday.

Igor Ivanov, deputy chief executive of the insurance giant told CNBC today that Sarkisov has never even met Arnault.

Transaction was managed by a small investment unit which invests professionally in European real estate. It consisted of acquiring flats in an old building in Courchevel from various private owners.

LVMH is scheduled to report its third quarter financial results later this month. Its shares are currently trading at roughly the same price at which they started 2023.

The post Bernard Arnault responds to recent allegations of money laundering appeared first on Invezz.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.

Top Listed Companies