Some people who have wealth, but no children leave their fortune to their pet cat or dog. This man is looking for a different solution to that cumbersome problem.
Nicolas Puech is a billionaire who inherited a large stake in Hermès, the famous luxury fashion brand, founded by one of his forbears, Thierry Hermès, in 1837. A descendant of Europe’s richest family– the world’s third wealthiest, according to an annual Bloomberg ranking– he has reportedly begun a process to adopt his middle-aged Moroccan gardener, planning to leave him at least half of his roughly €12 billion ($13 billion) fortune.
Puech is not married and has no children, so he wants to prevent his relatives, from whom he has become estranged, from inheriting his wealth. Puech’s decision to sell some of his shares to LVMH, a rival conglomerate, caused a rift in his family and led him to resign from Hermès’ board in 2014.
In order to enact his new plan, he wants to cancel a contract that would bequeath his fortune to the Isocrates Foundation, which he founded, and instead make his employee a legal heir.
The charitable foundation is contesting Puech’s plan to cut ties, which it says it learned of only recently. “From a legal point of view, a unilateral cancellation of the contract of inheritance seems void and unfounded,” the organization said in a statement shared with CNN. “The foundation has therefore opposed the cancellation of the contract, while leaving the door open for discussions with its founder.”
Established by Puech in 2011 and funded by him since, the Isocrates Foundation supports public interest journalism and civil society organizations working toward a “healthy digital public space,” according to its website.
The inheritance contract between the foundation and Puech reportedly provides for his shares in Hermes to be left to the foundation. That is, unless he becomes a father, in which case his child would be entitled to a part of the inheritance, and at least 50% in the case of a son. Hence his wish to adopt a son.
Referring to the Swiss media reports on Puech’s “wish to adopt his employee,” the charity said it wasn’t in a position “to judge or comment (on) this initiative,” adding that it “leaves it to the relevant authorities to decide on this matter.”
