Paris Judge Orders Cognitive Assessment of Hermès Heir in Missing $9 Billion Fortune Case

A Paris judge investigating the disappearance of Hermès heir Nicolas Puech’s 6% stake in the luxury fashion house has ordered a psychiatric assessment to determine whether the 83-year-old billionaire could be mentally impaired. The decision, confirmed by two people familiar with the investigation, could have significant implications for the criminal probe, as evidence that Puech was vulnerable and exploited financially could strengthen allegations of abuse of weakness under French law. The offence involves taking advantage of an individual’s diminished mental capacity or vulnerability for financial gain.

The investigation centres on the alleged disappearance of Puech’s Hermès shares, currently valued at approximately $9 billion. Puech has accused his former Swiss wealth manager, Eric Freymond, of misappropriating his fortune and has named LVMH chairman Bernard Arnault and the luxury conglomerate as defendants in a civil lawsuit seeking €14 billion in damages. Investigators have also focused on Swiss lawyer Alexandre Montavon, who was placed under investigation in May over suspected involvement in the alleged misappropriation. Montavon has denied wrongdoing and appealed the order for Puech’s cognitive assessment. LVMH has strongly denied deliberately acquiring Puech’s shares, while Freymond, who died in 2025, had also denied any wrongdoing.

The case dates back to 2002, when LVMH reportedly worked with Freymond to build a substantial stake in Hermès, eventually accumulating as much as 23% of the company and triggering a bitter corporate dispute. LVMH acknowledged working with Freymond to acquire Hermès shares but maintained that any purchase involving Puech’s holdings would have been unintentional. Puech has said he remained unaware that his shares had disappeared until 2022, when he ended his relationship with Freymond, whom he had trusted for decades. The latest judicial order adds another dimension to the long-running dispute, which continues to raise questions about financial accountability, corporate dealings and the protection of wealthy individuals from potential exploitation.

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