An 81-year-old heir to the Hermès fortune says he has lost as much as $13 billion in assets.
Nicolas Puech says he is completely unable to find out where his six million Hermès shares have gone.
Puech claims his former financial advisor Eric Freymond stole the assets in a “gigantic fraud” orchestrated over more than two decades. reports the Wall Street Journal.
Freymond denies the allegations and claims that Puech himself may be lying to avoid inheritance taxes and transfer his wealth to long-time employees.
Puech filed several lawsuits against Freymond in Geneva, but the Swiss courts dismissed them, citing insufficient evidence and a general lack of attention to his financial affairs.
And the legal battle continues as the Hermès family and others try to uncover the truth behind the missing billions.
Founded in 1837 by Thierry Hermès in Paris, Hermès originally created finely crafted harnesses and bridles for horse-drawn carriages.
Over time, the company expanded into luxury leather goods, accessories and clothing, gaining a reputation as one of the world’s most prestigious luxury brands.
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