An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all.
A Hermès boutique in Paris. Photographer: Benjamin Girette/Bloomberg -- An octogenarian heir to the Hermès luxury fortune, who sparked controversy last year over a plan to leave his money to his gardener, may not have much to give away after all.
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 fifth-generation Hermès heir was duped over a period spanning more than two decades during which time at least some of the stock was sold. The fate of Puech’s roughly 5.7 per cent stake remains a lasting enigma from the showdown, which ended in 2014 when Arnault started unwinding his 23 per cent holding and Puech quit the Hermès supervisory board.
Last year, the resident of Orsieres in the Swiss canton of Valais, described in public documents as a French national with an education in the arts, sought to cancel his inheritance contract with his Isocrates Foundation after reportedly starting administrative procedures to adopt his middle-aged gardener to whom he would bequeath some of his fortune. The decision left the charity in limbo and it has since postponed new grants.
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