French prosecutors probe financial transactions involving ex-lVMH chief

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French prosecutors probe financial transactions involving ex-lVMH chief

French prosecutors are investigating financial transactions involving LVMH luxury empire head Bernard Arnault and Nikolai Sarkisov, a Russian insurance businessman, the prosecutor's office said on Friday.

An investigation has been opened in 2022 and is still in its preliminary stages, the prosecutor's office said. No one has been charged.

The Paris prosecutor's office said that Tracfin, an intelligence unit in the French government's administration, had flagged the financial transactions to determine whether they could be considered money laundering.

The existence of the investigation was first made public this week after Le Monde, the French newspaper, reported that the French authorities were investigating the purchase of over a dozen properties in Courchevel, a ski resort in the French Alps, through a complicated web of shell companies.