Arnault’s lawyer says money laundering accusations are unfounded

Allegations of possible money laundering Bernardo Arnault They are “as absurd as they are unfounded,” the French billionaire’s lawyer said in a statement on Saturday.

Paris prosecutors said Friday they are investigating possible money laundering involving Russian businessman Nikolai Sarkisov and Arnault, chief executive of LVMH Moet Hennessy Louis Vuitton HE. the investigation is related to properties in the exclusive ski resort of Courchevel, according to the newspaper Le Monde.

“the operation that was carried out to allow the expansion of the Cheval Blanc hotel in Courchevel is well known and was carried out in compliance with the laws and with the support of advisors,” Jacqueline Laffont said in a statement.

Le Monde reported that Sarkisov bought a number of properties in 2018 in Courchevel through intermediary companies, but the final buyer turned out to be Arnault. the LVMH CEO is alleged to have paid Sarkisov around €20 million ($21.2 million) for the assets, while Sarkisov allegedly made a profit of around €2 million from the deals.

Investigators said the transactions appeared to mask the origin of the funds and the identity of the ultimate buyer, according to Le Monde. the Paris prosecutor’s office declined to comment on the details of the case.

“Who can seriously imagine that Mr. Bernard Arnault, who over the last forty years has built the leading French and European company, would engage in money laundering to expand a hotel?” Laffont said. “I don’t think anyone can fail to see the insanity of these accusations.”