Nicolas Peuch, the childless fifth-generation heir to the Hermès empire, is seeking to adopt his middle-aged gardener as his heir, preparing to leave the bulk of his estimated 12 billion euros ($13 billion) fortune to the man in a bid to sever ties with the charity he founded.
Nicolas Peuch, 80, who owns 5.7% of the luxury fashion brand Hermès (RMS), is going through the process of adopting a man who has been his long-term gardener as his heir, so that the 51-year-old from an "ordinary Moroccan family" can become his legal heir.
The reclusive billionaire, currently one of the richest men in Switzerland, has previously pledged to donate his wealth to the Isocrates Foundation. The foundation is a charity he founded in 2011 to fund public interest journalism and strengthen civil debate.
Peuch, a fifth-generation descendant of Hermès founder Thierry Hermès, now plans to transfer his estate, which includes properties worth millions in Switzerland and Morocco, to his gardener, who is married with two children.
But the secret heir's plans were reportedly opposed by the Isocrates Foundation. The foundation disputed the legal basis of Peuch's succession plan. In Switzerland, the adopting adult must live with the adoptee for at least one year as a minor.
The Isocrates Foundation told the media: "The sudden and unilateral annulment of the inheritance agreement appears to be invalid and unfounded from a legal point of view. The foundation opposes this move while leaving the door open to discussions with its founder and president."