LVMH billionaire Bernard Arnault probed over possible money laundering

French billionaire Bernard Arnault’s dealings with a Russian businessman are being investigated for possible money laundering, the Paris public prosecutor’s office said on Friday.

The investigation into Arnault and Nikolai Sarkisov involves transactions related to property in the exclusive ski resort of Courchevel, according to Le Monde newspaper. 
 

A spokesman for Arnault declined to comment while a spokesperson for Sarkisov couldn’t be reached for immediate comment.

The French daily reported that Sarkisov bought a series of properties in 2018 in Courchevel through intermediary companies but the end-buyer turned out to be Arnault. The chief executive officer of LVMH Moet Hennessy Louis Vuitton SE is alleged to have paid Sarkisov about €20 million ($21.2 million) to own the assets, while Sarkisov allegedly made a profit of around €2 million from the deals.

The transactions appeared to mask the origin of the funds and the identity of the buyer, Arnault, investigators said, according to Le Monde. The Paris prosecutors’ office declined to comment. 

Le Monde cited people familiar with Arnault who said the deals were carried out within the law.