Bonum Certa Men Certa

Understanding Thierry Breton: Thierry and the $100 Billion Man

Overview





Understanding Thierry Breton



Further parts pending review and research




Bernard Arnault
Bernard Arnault - a trusted friend of Thierry Breton



Summary: Thierry Breton's connections to the tax avoidance ploy of his friend Bernard Arnault

You might have thought that all that wheeling and dealing as Atos CEO would be enough to keep anybody fully occupied. But not so with our Thierry…



Since 2008 he has also been busy helping out his trusted friend, French billionaire Bernard Arnault by chairing the governing committee of Protectinvest, a private foundation set up to safeguard the integrity of the French multinational luxury goods conglomerate LVMH.

Arnault, who controls LVMH through a cascade of companies including Groupe Arnault, his private family holding company, set up the private foundation in Belgium in 2008 to prevent his five children from selling LVMH shares if he were to die within the next 10 years.

"It seems to be some kind of tax avoidance vehicle that was set up in Belgium just as France was preparing to introduce a 75 % "supertax" on incomes in excess of € 1 million after the election of François Hollande as President in 2012."The statutes of Protectinvest state that it "has as its disinterested aim, assuming the death of Mr Bernard Arnault and until October 23 2023, of protecting directly the financial and family interests of the Pilinvest company".

Pilinvest is another Belgian-based holding company owned 99.99 per cent by Mr Arnault.

It seems to be some kind of tax avoidance vehicle that was set up in Belgium just as France was preparing to introduce a 75 % "supertax" on incomes in excess of € 1 million after the election of François Hollande as President in 2012.

Arnault transferred his 31% stake in Groupe Arnault, the family firm that runs LVMH, to Pilinvest in December 2011. At the time the stake, was valued at € 6.5 billion. In November 2013, the Belgian authorities started an investigation into Pilinvest.

"In November 2013, the Belgian authorities started an investigation into Pilinvest."In 2017, it was reported that Arnault had accepted a deal to end the case "without any prejudicial admission of guilt on his part".

By a curious coincidence, Thierry Breton is also listed as a director on the board of Carrefour the French multinational hypermarket retailer in which Groupe Arnault holds a 16 per cent stake jointly with Colony Capital of the US.

LVMH
LVMH's Lord of Luxury



Breton's connection with LVMH's lord of luxury also provides a useful springboard for socialising with the great and good of French "high society" as we shall see in the next part.

Recent Techrights' Posts

Disputing the Achievements of IBM's CEO, Who Already Terminated Many Jobs at Red Hat (Which He Had Allegedly Suggested Buying)
Buying a company to gut it within about a year?
Microsoft's GitHub is Losing Traffic, Based on an Extensive Web Survey, and Its Future is Uncertain
Remember that Microsoft keeps close to its chest the operations and finances of GitHub (because it's embarrassing!)
 
IBM Bribery Scandal in China
IBM has a long history of bribery and other crimes
XBox Turmoil Continues, Head of XBox Game Studios Resigns After Less Than One Year
There are many signs that XBox is dying - something that many sites have predicted for a while
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Monday, October 14, 2024
IRC logs for Monday, October 14, 2024
Links 14/10/2024: One Year Since Activision Blizzard Demolition 'Officially' Began and Amazon Corporate Layoffs Accelerate
Links for the day
Gemini Links 14/10/2024: Dabbling in GemText, Unit Testing
Links for the day
Links 14/10/2024: Keeping Multiple Blogs, Wrestling With Misinformation
Links for the day
[Meme] Class of Microsoft
"Everything started with Microsoft DOS!"
History Education and Rejecting Creation Myths
The creator of Linux isn't the creator of GNU/Linux
How to Follow Our Updates About EPO (or Everything Else for That Matter)
follow us via RSS feeds
EPO Administration: Wait Several Months or Until Next Year for Clarifications
"After the intranet announcements of 18 September and 27 September and recent emails from CIGNA concerning opting into the VECOZO network, colleagues have been contacting us with queries and requests for guidance."
[Meme] Shoestring Budget With Record Profits (Because Hundreds of Thousands of Fake European Patents Get Granted)
Record profits? EPO staff does not benefit!
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Sunday, October 13, 2024
IRC logs for Sunday, October 13, 2024
Unrest at the European Patent Office as School Costs Eat Away the Income
"Letter to the administration on the Education Allowance - DISDH - German School"
Gemini Links 13/10/2024: ArcMenu, Emacs decide-mode, Midnight Pub Mass-Deletion Option
Links for the day
Links 13/10/2024: Science, Politics, and Some Gemini
Links for the day
Links 13/10/2024: Writing, Remembering John Wheeler, Voice Cloning
Links for the day
Certificate Authority Let's Encrypt Falls to 0.7% in Geminispace (It Was Around 12% Just 2 Years Ago and 7.5% This Past February)
Let's Encrypt is down again
Gemini Links 13/10/2024: Self-hosting Snac2 and Invasion of e-ink
Links for the day
SDxCentral, which the Linux Foundation Paid to Produce Marketing SPAM, Has Now Become Slop (LLM Spew) Disguised as 'Articles'
Google should delist it
Over at Tux Machines...
GNU/Linux news for the past day
IRC Proceedings: Saturday, October 12, 2024
IRC logs for Saturday, October 12, 2024