In September 2022 the board of the Isocrates foundation gathered in Florence for its annual meeting. This wasn’t your usual corporate shindig—the group lingered over meals in swanky restaurants, visited museums and wandered sun-dappled streets. One day, things would undoubtedly have to become more formal. The small foundation, which gave money to a number of humanitarian causes, was in line to receive billions of euros when its benefactor died, which would make it one of the biggest philanthropic institutions in the world. 

Its founder, Nicolas Puech, was the largest individual shareholder in Hermès, a luxury-goods firm. From 2004 he owned nearly 6% of the company, a stake that would now be worth €13bn ($15bn). Puech, who is part of the Hermès family, has no children. The entirety of his vast fortune was destined for the Isocrates foundation, which he had set up in 2011 on the advice of his Swiss banker of 24 years, Eric Freymond. Freymond had organised the trip to Florence, entertained the board members at his Tuscan mansion and remained at Puech’s side throughout—the foundation’s secretary, Nicolas Borsinger, described his behaviour as “intimate” and “obsequious”.

At the meeting, Puech barely spoke, weighing in only on the precise shade of green for the foundation’s new logo. “You didn’t get the impression this was his fortune,” said a source who was on the trip. What followed came as a shock to everyone involved. Freymond returned home to find a letter dismissing him from the board. By October Puech had revoked the powers he had granted Freymond to manage his money. He later filed a criminal complaint in Geneva, accusing Freymond of “massive fraud”. Puech had realised that his Hermès shares were nowhere to be found. Worse still, they had been missing for more than a decade. Hermès itself had no idea where they were.