November 8, 2017 / 1:36 PM / 10 days ago

LVMH boss Arnault says assets referred to in "Paradise Papers" known to tax bodies

PARIS (Reuters) - Bernard Arnault, France’s richest billionaire and the head of luxury goods group LVMH (LVMH.PA), said on Wednesday that assets referred to by Le Monde newspaper, in the “Paradise Papers” leaks tracking tax affairs, were known to tax authorities.

Chairman and CEO of Luxury goods group LVMH Bernard Arnault poses after a news conference, to announce a deal to simplify Christian Dior business structure, in Paris, France, April 25, 2017. REUTERS/Stephane Mahe

Arnault issued a statement in response to the “Paradise Papers” - leaked documents from prominent offshore law firm Appleby that relate to the investments of wealthy individuals and institutions ranging from U.S. Commerce Secretary Wilbur Ross, to Britain’s Queen Elizabeth.

Le Monde’s article had said Arnault owned a large house in England via a holding company in Jersey - a domicile known for its tax breaks.

However, Arnault’s statement said the house in question in England had been declared to both French and British tax authorities, and was subject to a French wealth tax.

Reporting by Sudip Kar-Gupta; Editing by Sarah White

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