LVMH chief executive moves €2bn to Belgium

Bernard Arnault, chief executive of French luxury group LVMH, pumped some €2.1bn across the border into Belgium in 2012, reports Reuters’ Robert-Jan Bartunek, citing documents from the National Bank published in business daily De Tijd. Arnault, who is France's richest man, last year said he had applied for Belgian nationality, citing personal and business reasons, but withdrew his request after facing a wave of criticism at home. National bank data show that LVMH Finance Belgique secured €1.32bn in capital increases in 2012, while Hanninvest, another investment vehicle linked to Arnault, received an additional €720m. The filings did not make clear where the money came from. The shareholders equity of LVMH Finance Belgique was €4.1bn while Hanninvest had €3.9bn on its books. LVMH has so far declined to comment.