French billionaire Bernard Arnault, the world’s second-richest person, is under investigation for alleged money laundering in connection with his business relationship with Russian oligarch Nikolai Sarkisov. The Paris prosecutor’s office confirmed on Thursday that the probe is focused on activities at the luxurious ski resort of Courchevel in the French Alps. According to reports, Sarkisov acquired several apartments in 2018 through a complex transaction involving a loan from one of Arnault’s companies, although his name does not appear on the deal.
The investigation, led by TRACFIN, the French economy ministry’s intelligence service, is in its preliminary stage and does not imply any criminal activity. The Paris public prosecutor’s office declined to provide further details on the ongoing investigation. The probe, which began in 2022, encompasses transactions linked to both Arnault and Sarkisov.
The deal in question involved a loan of €18.3 million ($19.4 million) from Arnault to Sarkisov, according to Le Monde. Ultimately, the transaction allowed Sarkisov to gain €1.2 million ($1.3 million) in capital gain.
Bernard Arnault, with an estimated net worth of $189 billion, oversees the luxury goods conglomerate LVMH, which includes renowned brands such as Louis Vuitton, Sephora, Tiffany & Co., Moët & Chandon, Hennessy, Krug, and Christian Dior. The investigation into his business ties with Nikolai Sarkisov is ongoing.
