A French court has upheld the seizure of €461 million from British-Libyan real estate magnate Adrien Labi, following allegations of tax evasion spanning several years.
This amount represents a third of all seizures executed by French tax authorities in 2023.
Labi, aged 71, is known for his extensive property holdings across France, the UK, California, and Switzerland.
In March 2023, he sold two prime properties on Paris’s Avenue Montaigne to the Kering group for approximately €1 billion. Shortly after the transaction, he was arrested by France’s national fiscal fraud office on suspicion of tax evasion.
The French tax authorities had been investigating Labi’s property dealings over the past decade, suspecting significant tax evasion.
The court’s decision to uphold the seizure underscores France’s commitment to combating financial crimes and ensuring tax compliance.
This case highlights the ongoing efforts by French authorities to address tax evasion and financial misconduct, particularly among high-profile individuals with substantial international assets.
The substantial seizure serves as a reminder of the serious legal and financial consequences of such activities.
