Karl-Erivan Haub, a billionaire and one of Germany’s richest men, has been reported missing after failing to return from a skiing expedition in the Alps, according to media reports in Germany reports Business Insider.
Haub, who is the owner and CEO of retail group Tengelmann, last week embarked on an off-piste skiing expedition in the resort of Zermatt near the Swiss-Italian border. He was reportedly in Zermatt to train for the Patrouille des Glaciers ski race, an international long distance ski event organized by the Swiss army, scheduled to take place next week and failed to return to his hotel on April 7.
A spokesperson for Tengelmann said a search is underway for the 58-year-old although rescuers have been hampered by poor visibility and the threat of avalanches.
Haub was described by his brother Christian as “a very experienced alpinist and skier,” in a letter sent to staff, and partially published in the newspaper Handelsblatt.
“Of course our family is prepared for such a situation,” Christian Haub said, adding that “the business will continue to run smoothly and orderly.”
According to the Bloomberg Billionaires index, the net worth of Erivan Karl Haub, the missing Haub’s father, who died last month, was in excess of $6 billion (£4.2 billion; €4.9 billion). That wealth stemmed from Tengelmann, which owns German retailers including hardware chain Obi and textile discounter Kik. The company has stakes in as many as 73 different businesses.
The Matterhorn mountain, which sits above the resort of Zermatt, is a popular mountain for off-piste skiers and Alpinists.