The European Union is forcing Johann Rupert to rethink his business interests. The South African billionaire has, until now, enjoyed the benefits of running an empire under the so-called Luxembourg 1929 holding company structure. This has given him all sorts of tax breaks but these will come to an end in 2010 under Luxembourg’s commitments to Brussels.

Yet there may well be a silver lining. Mr Rupert is thinking of splitting his luxury goods and traditional tobacco interests by returning the 19.3 per cent stake Richemont holds in British American Tobacco to Richemont shareholders. Mr Rupert acquired that and additional stakes when he swapped his Rothman cigarette business for a large slice of the old BAT.