Hermès Heir Loses Court Battle Over Disappeared $13 Billion Fortune
A Swiss court has dismissed the claims of Hermès heir Nicolas Puech against his former wealth manager, Eric Freymond, regarding the disappearance of his $13 billion fortune. Puech, aged 81, alleged that Freymond mismanaged his assets, including 6 million shares in Hermès International SCA, worth approximately €12 billion. The court found no evidence of mismanagement or deceit by Freymond, emphasizing that Puech’s allegations were unclear and poorly supported.
Puech’s significant stake would have made him the largest individual investor in the family-controlled luxury brand, known for its iconic Birkin handbags and silk scarves. Despite the allegations, the court noted that Puech willingly delegated the management of his affairs to Freymond and signed numerous blank documents, indicating a high level of trust rather than evidence of fraud.
The ruling is a significant chapter in the long-standing saga surrounding Puech’s billionaire status, which includes past controversies like his plan to leave his fortune to his gardener. The decision also leaves open questions about the current whereabouts of the Hermès shares.
The court’s decision stems from a broader context of family disputes and attempts by luxury tycoon Bernard Arnault to gain control of Hermès more than a decade ago. Puech’s stance in favor of Arnault led to his ousting from the family circle and the Hermès supervisory board.
In light of the court’s ruling, the future of Puech’s wealth remains uncertain. His prior attempt to cancel an inheritance contract with his Isocrates Foundation, which he established to manage his fortune, further complicates the situation. As the saga unfolds, the luxury industry continues to watch closely, with significant implications for the control and ownership of Hermès shares.