Twist in alleged $1bn art fraud as Russian tycoon detained in Monaco

 November 7, 2018

Dmitry Rybolovlev
Just how much influence Dmitry Rybolovlev, a Russian billionaire whose penthouse overlooks the harbor in Monte Carlo, has over Monaco officials is the subject of a judicial inquiry. / Photo: Benjamin Bechet for The New York Times


SHARE IT:


     

“Dmitry Rybolovlev, owner of AS Monaco, has been under investigation by prosecutors in the Principality” – reports The Guardian

Police in Monaco have detained Russian tycoon Dmitry Rybolovlev for questioning as part of an investigation into corruption and influence peddling, according to reports.

Rybolovlev, who owns the football club AS Monaco, was held on Tuesday and police also searched his luxury residence in Monaco, Le Monde newspaper said.

A judge in the principality has been investigating whether Rybolovlev sought to influence law enforcement officials in his long-running dispute with Swiss art dealer Yves Bouvier.

The Russian alleges Bouvier swindled him out of $1bn by overcharging him on 38 pieces of art he purchased over a 10-year period and is suing his former art adviser in Monaco, Singapore and Switzerland. Bouvier has denied wrongdoing.

The Monaco prosecutor confirmed an operation linked to the investigation but declined to say if Rybolovlev was being questioned by police.

Asked about the Le Monde report, Rybolovlev’s lawyers in Russia declined to comment on whether he was being questioned and said:

“We request that the presumption of innocence in relation to Mr Rybolovlev is strictly respected.”

All those involved have denied wrongdoing.

The Russian businessman, who earned his multi-billion-dollar fortune through the sale of two Russian fertiliser producers, bought Donald Trump’s Palm Beach mansion in 2008 for about $100m.

The questioning of an individual under investigation is a standard procedure. Being under investigation in Monaco is not equivalent to being charged. It is the first step in an investigation.

The feud between Rybolovlev and Bouvier led to the resignation in September of the head of Monaco’s judicial services after Le Monde daily wrote about connections between Rybolovlev and Monegasque justice officials.

Rybolovlev spent more than $2bn buying 38 masterpieces from Bouvier between 2003 and 2014.

In 2017, Rybolovlev sold Leonardo da Vinci’s portrait of Christ, Salvator Mundi, for $450m at a Christie’s auction, making it the most expensive painting ever sold.

Ryboloblev has also sued Sotheby’s for $380m, alleging the auction house helped Bouvier defraud him. Sotheby’s has described the allegation as “desperate” and without merit.

Originally published at The Guardian


Related post:

  • AS Monaco firmly denies defamatory remarks
    AS Monaco firmly denies defamatory remarks by Mediapart and states that Club President Dmitry Rybolovlev did not withdraw one euro from the club’s accounts following the transfer of Kylian Mbappé.

 

Advertisements

Tags: , , ,

Subscribe to our weekly Monaco newsletter

* indicates required

Monaco Wealth Management will use the information you provide on this form to be in touch with you and to provide updates and marketing. Please let us know all the ways you would like to hear from us:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at newsletter@monacowealthmanagement.com. We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Latest News
%d bloggers like this: