Latest news with #Freymond
The Age
21 hours ago
- Business
- The Age
The unsolved mystery over missing $25 billion Hermes windfall
The former adviser to an Hermes heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermes descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news'. Freymond was 67. The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago, Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermes. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified, even after Arnault's 2014 agreement with the Hermes clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermes clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
Sydney Morning Herald
a day ago
- Business
- Sydney Morning Herald
The unsolved mystery over missing $25 billion Hermes windfall
The former adviser to an Hermes heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermes descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news'. Freymond was 67. The dispute over Puech's stake in Hermes was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago, Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermes. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified, even after Arnault's 2014 agreement with the Hermes clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermes clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The mystery over the missing $25 billion Hermès windfall
The former adviser to an Hermès heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermès descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news.' Freymond was 67. The dispute over Puech's stake in Hermès was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermès. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified even after Arnault's 2014 agreement with the Hermès clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermès clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
The Age
2 days ago
- Business
- The Age
The mystery over the missing $25 billion Hermès windfall
The former adviser to an Hermès heir has died as a longstanding mystery over the whereabouts of company shares worth some €14 billion ($25 billion) remains unsolved. Eric Freymond worked for 24 years as a wealth manager to Hermès descendant Nicolas Puech before their relationship soured, leading to a court case in Geneva. The wealthy octogenarian Puech alleged that Freymond had played a role in the disappearance of some 6 million shares in Hermès International SCA that he had inherited. A decision by an appeals court in Geneva last year found no evidence that Freymond mismanaged Puech's fortune or that the reclusive, fifth-generation heir was duped over an extensive period during which time at least some of the stock was sold. Freymond denied all allegations of wrongdoing. Freymond's lawyer Yannis Sakkas confirmed the death, saying he was 'deeply shocked by the terrible news.' Freymond was 67. The dispute over Puech's stake in Hermès was one of the most enduring mysteries in the fallout from one of France's most high-profile corporate battles. A recent twist came from a lawsuit filed in March in Washington, DC, in which Puech was accused of failing to deliver the $US16 billion of Hermes shares as part of a sale agreement. His lawyer said his client was not involved in the deal. More than a decade ago Bernard Arnault, luxury goods rival and founder of conglomerate LVMH, revealed he had stealthily amassed a stake in Hermès. Descendants controlling Hermès came together and successfully fought the unwelcome advance. The fate of Puech's shares was never clarified even after Arnault's 2014 agreement with the Hermès clan to start unwinding his stake. The enigma deepened in 2023, when Puech accused Freymond of mishandling his holdings. The Hermès clan, which counts more than 100 members, is one of Europe's richest families. Should Switzerland-based Puech still hold his stake, he would be the single largest investor in the purveyor of Birkin handbags and colourful silk scarves that was founded in 1837.
Fashion United
2 days ago
- Business
- Fashion United
Hermès heir calls for enquiry into missing shares after wealth manager's death
Nicolas Puech, heir to the prestigious French luxury leather goods house Hermès, has formally called for an enquiry into the mysterious disappearance of his substantial Hermès shares. This urgent demand comes in the wake of the tragic death of his former wealth manager, Eric Freymond, whose passing was reported last week by the Tribune de Genève and Le Point as a suicide. In a statement released to AFP via his lawyer on Monday, Puech expressed his sorrow: "It is with sadness that I learned of the death of Eric Freymond, in such tragic circumstances." He added, "I sincerely hope that the circumstances of his death will be quickly clarified by the Swiss authorities." Despite past public and legal disputes, Puech extended his "most sincere condolences to his family." Puech described Freymond as "a friend and advisor with whom collaboration was always based on complete trust" for twenty-five years. However, this relationship "unfortunately broke down following extremely serious events related to my six million shares in Hermès International, on which full light has yet to be shed," Puech's statement continued. The 82-year-old Puech, a great-grandson of the Hermès founder, inherited six million shares, constituting 5.76 percent of Hermès' capital. At current share prices, these holdings are valued at nearly 14.5 billion euros. A central, unresolved question in this complex affair is whether these shares were sold during the period when Bernard Arnault, head of rival luxury conglomerate LVMH, discreetly acquired a stake in Hermès. The case took a dramatic turn in 2023 when Puech, often described as estranged from his family, claimed to be financially ruined. He subsequently filed a complaint against Freymond, alleging that his former wealth manager had employed subtle arrangements to make his shares vanish. While Geneva courts cleared Freymond, Puech, who resides in Switzerland, also lodged a similar complaint in France. "The search for the truth must prevail and be established by the courts, with serenity and rigour," Puech's statement concluded. Last week, Freymond's lawyers responded to their client's death, stating that the former wealth manager had been "broken by the violence of suspicion." This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
