Have they checked the couch cushions? People say they sometimes find things behind the couch cushions.
From Bloomberg, July 30:
- Descendant loses Swiss court case against ex-wealth manager
- Nicolas Puech accused Eric Freymond of ‘gigantic fraud’
An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all.
In the latest twist to the longstanding mystery surrounding Nicolas Puech’s billionaire status, a Swiss court this month threw out the 81-year-old’s allegations that his former wealth manager had a role in his fortune’s disappearance.
Puech’s lawyers told the court he no longer owns the assets in question: about 6 million shares worth roughly €12 billion ($13 billion) in family-controlled Hermès International SCA. The stake would make him the single largest investor in the purveyor of Birkin handbags and colorful silk scarves founded in 1837. The company has since expanded into one of the biggest players in the global luxury industry and made the Hermès family Europe’s wealthiest. The clan, which counts more than 100 members, has a net worth of about $155 billion, according to the Bloomberg Billionaires Index.
The decision by an appeals court in Geneva on July 12 found no evidence that financial adviser Eric Freymond mismanaged Puech’s fortune or that the reclusive fifth-generation Hermès heir was duped over a period spanning more than two decades during which time at least some of the stock was sold.
“The ‘gigantic fraud’ to which he was victim was undetectable to common mortals,” the court document read, adding that the allegations lacked clarity and were insufficiently backed up.
A lawyer for Puech, Gregoire Mangeat, declined to comment, while Freymond’s lawyers, Yannis Sakkas and Stephane Grodecki, said their client was satisfied with the outcome that included “harsh words” against the plaintiff. The case was first reported by online magazine Gotham City....
....MUCH MORE
Well this story has it all doesn't it. Except for the thirteen large, of course.
We happened to catch the gardener story in December: "Hermès heir wants to leave his fortune to his gardener"
And a quick mention as part of the one-line outro from June's "LVMH, The Arnault Family And An Olympics Like None Other" wherein Gentlemen's Quarterly referred to the Arnault family as "the world's richest family":
A quick note, despite being too lazy to look it up I'm pretty sure the Walton clan is ahead of the Arnault fam. on the net worth leader board. The branches of the the Dumas, Guerrand and Puech