Daily Management Review

Bernard Arnault clarifies on Le Monde’s “Paradise Paper” report


The french billionaire clarified that the disclosures made in the leaked papers regarding his assets, were known to French and British tax authorities.

On Wednesday, Bernard Arnault, the richest billionaire of France who also heads the luxury group LVMH stated that the assets pertaining to him that were disclosed by French newspaper Le Monde as part of the “Paradise Papers” were known to tax authorities.
Arnault’s statement comes in the wake of a leaked documents from prominent offshore law firm Appleby disclosing investments made the world’s rich and wealthy ranging from Britain’s Queen Elizabeth to U.S. Commerce Secretary Wilbur Ross.
Le Monde’s article stated that Arnault owns a large house in England via a holding company in Jersey, a strategy that is typically used for tax breaks.
Arnault’s statement made it lucidly clear that the house in question, in England, was declared to both British and French tax authorities and was subject to a French wealth tax.