An 81-year-old heir to the Hermès fortune says he’s lost a staggering $13 billion in assets.
Nicolas Puech says he is completely unable to track 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, claiming Puech himself may be lying to avoid inheritance taxes and transfer his wealth to longtime employees.
Puech has filed multiple lawsuits in Geneva against Freymond, but the Swiss courts have dismissed them, citing insufficient evidence and an overall lack of attention to his financial affairs.
And the legal battles continue as the Hermès family and others try to uncover the truth behind the missing billions.
Hermès was founded in 1837 by Thierry Hermès in Paris, originally creating finely crafted harnesses and bridles for horse-drawn carriages.
Over time, the company expanded into luxury leather goods, accessories, and clothing, earning a reputation as one of the world’s most prestigious luxury brands.
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