Paris prosecutors confirmed on Friday that they are investigating financial transactions involving billionaire Bernard Arnault, owner of the LVMH group and Europe’s richest man, and Russian businessman Mykola Sarkisov, Reuters reported.

French prosecutors have confirmed the opening of a preliminary investigation, which in the French legal system does not necessarily mean that the parties involved have committed any illegal actions.

A spokesman for Arno declined to comment on the Reuters report.

Paris prosecutors said in an email sent to Reuters that a preliminary investigation had been launched in 2022, also confirming that it was related to transactions between Arnaud and Sarkissov.

French prosecutors declined to provide further information, citing an ongoing investigation.

Le Monde newspaper reported, citing Tracfin, the financial intelligence unit of the Paris Finance Ministry, that Sarkissov bought several high-end properties in a resort in the Alps in a complex deal in which Arnaud offered him a loan through one of his companies.

Last year, Tracfin intensified its work on the analysis of financial transactions involving Russian investors after the start of the war in Ukraine, which entered its 583rd day on Friday.

What the French press writes about Bernard Arnault’s investigation

A representative of the division told Le Monde on condition of anonymity that the operations involving Arnault and Sarkisov could have been aimed at concealing the origin of the funds used for the purchase of real estate.

The official also said the two businessmen used a complex web of legal entities to complete the sale.

Le Monde also quoted a person close to Arnaud as saying the deal was initialed in full compliance with French law.

The newspaper also notes that the investigation will focus on Sarkisov’s purchase of more than 10 apartments in the ski resort of Courchevel, where the LVMH conglomerate owned by Arnaud has several important properties.

With a fortune estimated by Bloomberg at $164 billion, Bernard Arnault is the richest businessman in Europe and the second richest businessman in the world after Tesla CEO Elon Musk.

Recently, Arno has risen to the top of the list of the world’s richest people several times, when Musk’s fortune plummeted due to the drop in Tesla’s share price on the stock market.