The Journal. The Case of the Missing $15 Billion Fortune: Part 2
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Nov 26, 2025 
Nick Kostov, an investigative reporter for The Wall Street Journal, dives into the jaw-dropping tale of Hermès heir Nicolas Puech and his missing $15 billion fortune. He unravels the complex relationship between Puech and his financial advisor, Frémont, whose questionable handling of funds raises alarms. Kostov reveals how a suspicious transfer to a handyman sparked the investigation. The shocking conclusion exposes that nearly all of Puech's shares were sold to LVMH, while Frémont's deceptive testimony adds layers to this financial saga. Puech's ongoing legal battles leave listeners questioning the true fate of his fortune.
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Trusted Advisor Became Personal Secretariat
- Eric Frémont became Nicolas Puech's trusted right-hand, handling mail, calls, and finances for decades.
- Their closeness deepened as Frémont moved Puech's shares to Switzerland and acted like a personal secretariat.
Handyman Payment That Sparked Doubt
- Puech asked Frémont to send 1 million Swiss francs to his handyman, but the family never received it.
- The handyman's wife overheard the call and told Puech, sparking his doubts and leading to an audit.
Audit Reveals Massive Share Sales
- An audit showed about 90% of Puech's Hermès shares were sold during LVMH's buying spree.
- Documents indicate Frémont sold large chunks and likely pocketed proceeds for art, properties, and investments.