Paris prosecutors confirmed on Friday that they are investigating financial transactions involving the French billionaire and owner of Moët Hennessy Louis Vuitton (LVMH). Bernard Arnault and the Russian businessman Nikolai Sarkisov.

He confirmed the opening of a preliminary investigation, which in France does not necessarily imply wrongdoing by those concerned, for whom the presumption of innocence applies.

French newspaper Le Monde, citing financial intelligence unit Tracfin, reported on Thursday that Sarkissov had acquired property in a luxury Alpine resort through a complex transaction to which Arno, through one of his companies, had provided a loan.

Arnaud’s spokesman declined to comment to Reuters, as did Sarkissov’s side. Le Monde newspaper had cited a person close to Arnaud assuring that the transaction was carried out in full respect of French law.

Tracfin last year stepped up scrutiny of financial transactions involving Russian oligarchs following Russia’s invasion of Ukraine.