The Paris Public Prosecutor's Office announced Friday an investigation into French billionaire Bernard Arnault's dealings with a Russian businessman, on charges of possible money laundering, according to Bloomberg.
The investigation into Arnault and Nikolai Sarkisov stems from transactions related to property in the exclusive ski resort of Courchevel, according to Le Monde newspaper.
The French Daily newspaper reported that Sarkisov bought a series of properties in 2018 in Courchevel through intermediary companies, but the final buyer turned out to be Arnault. The LVMH CEO is believed to have paid Sarkisov around €20 million ($21.2 million) to own the assets, while Sarkisov allegedly made a profit of around €2 million from the deals.
Investigators said, according to Le Monde newspaper, that the deals appeared to hide the source of the money and the identity of the final buyer, Arnault. The Paris Public Prosecutor's Office declined to comment on the details of the case.
Le Monde newspaper quoted people close to Arnault as saying that the deals were carried out within the framework of the law.
Arnault is the biggest contender for the title of the richest man in the world, along with Elon Musk, with a fortune of about $187.2 billion.
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