Bernard Arnault Responds to 'Paradise Papers'

PARIS, France — Bernard Arnault, France's richest billionaire and the head of luxury goods group LVMH, said on Wednesday that assets referred to by Le Monde newspaper in the "Paradise Papers" leaks tracking tax affairs were known to tax authorities.

Arnault issued a statement in response to the "Paradise Papers" — leaked documents from prominent offshore law firm Appleby that relate to the investments of wealthy individuals and institutions ranging from US commerce secretary Wilbur Ross, to Britain's Queen Elizabeth.

Le Monde's article had said Arnault owned a large house in England via a holding company in Jersey — a domicile known for its tax breaks.

However, Arnault's statement said the house in question in England had been declared to both French and British tax authorities, and was subject to a French wealth tax.

By Sudip Kar-Gupta; editor: Sarah White.