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A French billionaire who ranks top of Europe’s wealthiest men is being investigated for alleged money laundering alongside a Russian oligarch.<\/p>\n
74-year-old Bernard Arnault, owner of the luxury LVMH brand, is under investigation by Paris prosecutors looking into a money laundering scheme centred on the exclusive Alpine ski resort Courchevel.<\/p>\n
Investigators are looking into the relationship between Arnault and a Russian oligarch named Nikolai Sarkisov.<\/p>\n
Arnault is suspected of having lent the fellow billionaire some \u00a316million as part of a complete real estate fraud that reportedly netted more than \u00a31.7million.<\/p>\n
The investigation is being headed by France’s financial intelligence unit and no charges have yet been filed.<\/p>\n
Read More <\/strong> EU infighting erupts as Italy shares ‘astonishment’ at Germany over migrants<\/strong><\/p>\n Mr Sarkisov acquired 14 apartments in 2018 under a single purchase totalling \u00a313.8million.<\/p>\n The Russian oligarch reportedly used a number of companies registered in France, Luxembourg and Cyprus to conduct the deal.<\/p>\n While suspected of being the buyer, the 55-year-old name does not appear on the books of the company, La Fleche, through which the apartments were brought<\/p>\n La Fleche is suspected of having been the vehicle for a deal for three more properties sold by a second company which is also believed to be owned by Mr Sarkisov.<\/p>\n Don’t miss… <\/strong> \u200cFrench newspaper Le Monde reports that by selling the property to himself made a reported gain of over one million euros.<\/p>\n \u200cMr Arnault’s involvement is alledged to have come firstly in the form of a \u00a315.8m loan to the Russian and secondly in the suspected acquisition of La Fleche which alledgedly made the Frenchman the effective owner of the properties.<\/p>\n Quoting a document written by French investigators, Le Monde states the transaction could have been a ploy “to hide the exact origin of the funds”.<\/p>\n \u200cA spokesman for LVMH spokesman told the French Newspaper that the deal had been “carried out with the strictest observance of the law”.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n
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