Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/25/2013 (1 year ago)

Catholic Online (www.catholic.org)

Head of luxury goods group LVMH Bernard Arnault says he left for 'family inheritance reasons'

France's wealthiest man has officially transferred his multi-billion fortune out of his native land to Belgium. The head of luxury goods group LVMH, Bernard Arnault says he has moved his assets for "family inheritance reasons." Few believe that, saying the 63-year-old Arnault has joined other celebrities trying to avoid taxes - including a whopping 75 percent top rate on income, introduced by Socialist President Francois Hollande.

'Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life,' Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.

"Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life," Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

1/25/2013 (1 year ago)

Published in Europe

Keywords: Bernard Arnault, france, Belgium, taxes, wealth tax, inheritance tax, tax laws


LOS ANGELES, CA (Catholic Online) - Arnault applied for a Belgian passport shortly after the Socialists won elections last year. Arnault owns numerous homes around the world applied for a Belgian passport after Hollande's Socialists won presidential and parliamentary elections last year.

Critics have attacked Arnault for leaving the country that is associated with all the brands which made his fortune. These companies include such name brands as Louis Vuitton, Christian Dior, Guerlain, Moet & Chandon champagne and Hennessy cognac.

"Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life," Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.

Arnault has transferred his 31 percent stake in Groupe Arnault, the family holding that controls LVMH, to Pilinvest, a Belgian firm he set up expressly for that purpose. Arnault insists he wants to keep it in the hands of his five children after he dies.
A source close to him said the structure was lawful in Belgium, but wouldn't be in France.

"He has got two obsessions - controlling his group and ensuring that it survives him," said the source.

The Belgian Office of Foreigners has suggested it might block Mr. Arnault's request for a passport, but the final decision will be taken by the Brussels parliament.

Belgium is far more lenient on taxes than France. Belgium raised an inheritance tax of three percent, as compared to 11 percent in France. There is no such "wealth tax" in Belgium either.

Arnault is also likely to be concerned by Hollande's plan to bring capital gains tax in line with income tax - effectively raising it from 19 per cent to 45 percent, and possibly to 75 percent if the Socialist President goes through with his threat to make that the top income tax rate for earnings over a million annually.

Hollywood star Gerard Depardieu likewise became another high-profile Frenchman moving his assets abroad. The star of "The Green Card" and "Cyrano de Bergerac" card obtained a Russian passport, bought a house in Belgium, and put his multi-million dollar Paris town house on the market.

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


WRITTEN OFF: Debt used by Vatican to finance religious films wiped clean Watch

Image of The Vatican's at-the-time Secretary of State Tarcisio Bertone ordered the investment in Lux Vide SpA. He said the company shared the Holy See's

By Catholic Online (NEWS CONSORTIUM)

Pope Francis has tried to loosen ties between the Catholic Church and Italy's business and political world. The pontiff considers this longstanding network of relations improper and antithetical to the Church's religious mission. To this end, the Vatican has ... continue reading


Spanish priest stricken with Ebola returned to Europe for treatment; Victims left rotting in streets Watch

Image of Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment.

By Catholic Online (NEWS CONSORTIUM)

Seventy-five-year-old Missionary Miguel Pajares, a Spanish priest has become the first person carrying the deadly Ebola virus to be brought back to Europe for treatment. In the meantime, shocking new photographs have emerged showing more victims being dumped in ... continue reading


Pope Francis Teaches on the Beatitudes: Portrait of Jesus and the Path to Happiness Watch

Image of Let us try to recall them and to imprint them, in our hearts. Let's do this: I will say them one after the other and you will repeat them. Agreed? - Pope Francis

By Catholic Online

As Moses stipulated regarding the Covenant with God in accordance with the law received on Sinai, so Jesus, from a hill on the shore of Lake Galilee, gives to his disciples and to the crowd a new teaching that begins with the Beatitudes. Moses gave the Law on ... continue reading


WHAT HAVE WE BECOME: British mom jailed for having sex with 12-year-old son following instructions from boyfriend Watch

Image of The son in question, along with his brother, have been placed in foster care.

By Catholic Online (NEWS CONSORTIUM)

In an especially revolting example of bad parenting, a 39-year-old British mom has been jailed for having sex with her 12-year-old son . while her partner watched on webcam, telling the mother what to do over headphones. The mother described the act as a "sex ... continue reading


GRUESOME WEAPON: Made from four human pelvises, tool was used to desecrate corpses Watch

Image of Four pelvic bones on a stick were found at the Dutch site, along with bundles of bones, bones bearing marks of cutting and scraping, and crushed skulls.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists have made a gruesome discovery. The bones of ancient Iron Age warriors around the time of Christ were impaled on wooden stakes in a gruesome religious ritual. Four pelvic bones on a stick were discovered in an archaeological dig in Denmark. ... continue reading


Spiritual Ecumenism: Pope Francis Visits Evangelical/Pentecostal Church in Caserta Italy Watch

Image of Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church.

By Deacon Keith A Fournier

Pope Francis took a trip to Caserta, Italy on Monday, June 28, 2014. He visited with a friend named Giovanni Traettino who pastors an evangelical, charismatic/Pentecostal protestant Church. This friend of Francis oversees the growing evangelical Church of the ... continue reading


France grants asylum to Iraqi Christians as U.S. rebuked for 'silence' Watch

Image of Representative Frank Wolf (R-Va.) said on the House floor,

By Catholic Online (NEWS CONSORTIUM)

As the genocide of Iraqi Christians continues, the French government now says it is willing to grant asylum to Iraqi Christians. "We are assisting displaced persons who are fleeing the Islamic State's threats and seeking refuge in Kurdistan," Foreign Minister ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ezekiel 37:1-14
1 The hand of Yahweh was on me; he carried me away by ... Read More

Psalm, Psalms 107:2-3, 4-5, 6-7, 8-9
2 So let them say whom Yahweh redeemed, whom he ... Read More

Gospel, Matthew 22:34-40
34 But when the Pharisees heard that he had silenced ... Read More

Saint of the Day

Saint of the Day for August 22nd, 2014 Image

St. Andrew the Scot
August 22: Archdeacon and companion of St. Donatus. Andrew and his sister, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter