LVMH on Wednesday reiterated it had by no means misappropriated the shares of Hermès inheritor Nicolas Puech when it constructed up a stake in its rival.
“LVMH and its [controlling] shareholder firmly reaffirm that they never, at any time, misappropriated shares of Hermès International, in any way whatsoever or without anyone’s knowledge, and that they do not hold any “hidden” shares, opposite to what Mr Nicolas Puech suggests,” the corporate mentioned in a press release.
Reuters this week reported Puech has sued LVMH CEO and controlling shareholder Bernard Arnault and his LVMH luxurious conglomerate, alongside along with his former wealth supervisor Eric Freymond and a few affiliated corporations, in a civil case associated to his declare that he was disadvantaged of Hermès shares now value billions of euros.
Puech couldn’t be instantly be reached for remark.
The lawsuit is linked to a felony investigation at present underway in France.
LVMH in its assertion referred to as latest media stories about its potential implication within the case a “clearly coordinated press campaign.”
Puech was as soon as amongst Hermès’ largest particular person shareholders. Last week, he claimed in a uncommon interview with L’Express he had no data that Freymond was transferring Hermès shares in his identify, allegedly for Arnault’s profit.
French paper Le Canard Enchaine reported this week that Arnault was quickly because of be interviewed by investigative judges in Paris, with out specifying the date. His spokesperson didn’t reply to a request for touch upon the report.
The Paris public prosecutor’s workplace instructed Reuters on Tuesday that to this point, solely Freymond had been positioned below formal investigation. Arnault and his corporations haven’t been positioned below formal investigation, it added.
By Tassilo Hummel; Editor: Benoit Van Overstraeten
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Hermès Heir Takes Aim at LVMH’s Arnault in Civil Lawsuit
Nicolas Puech has filed a civil lawsuit in opposition to Bernard Arnault and LVMH, alleging he was disadvantaged of Hermès shares now value billions, court docket paperwork present.