France’s richest man Arnault hit with €22 million tax assessment

The heart of the matter concerns the “complex shareholding” of  LVMH Moët Hennessy Louis Vuitton SE.

Billionaire Bernard Arnault and his wife have been assessed with nearly €22.5 million ($25.7 million) in additional taxes, according to a recent decision by the Paris administrative court of appeal cited by AFP. 

The chief executive officer of the global luxury goods conglomerate LVMH and his wife must pay French authorities €12.96 million in “additional contributions” — including taxes, social contributions, surcharges and late payment interest — for 2010, and €9.5 million in respect to France’s wealth solidarity tax for the years 2012 through 2015, according to the decision published on July 2 on the website of the administrative body.

The court’s ruling “will be appealed to the Council of State,” a spokesman for Arnault told AFP on Saturday. 

Read more: Bernard Arnault Lauds Maths in €50 Million Alma Mater Gift 

Public relations spokespeople for Arnault didn’t immediately reply to a request for comment from Bloomberg. 

Arnault is France’s — and Europe’s — richest person and currently the eighth richest in the world, according to the Bloomberg Billionaires Index, with a net worth of about $165 billion. 

The heart of the matter concerns the “complex shareholding” of  LVMH Moët Hennessy Louis Vuitton SE, according to the online media outlet l’Informé, which first reported the administrative court’s ruling. 

During the investigation, France requested assistance from Luxembourg and the Bahamas, according to the decision.

This story was originally featured on Fortune.com