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 family Europe's wealthiest. The clan, which counts more than a 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 fifthgeneration Hermès heir was duped over a period spanning more than two decades during which time at least some of the stock was sold.
This story is from the July 31, 2024 edition of Business Standard.
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This story is from the July 31, 2024 edition of Business Standard.
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