Court Orders Worldwide Asset Freeze in Case of Russian Billionaire vs Art Dealer

  • March 12, 2015 23:13

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Dmiitry Rybolovlev

A temporary order from a Singapore court puts a freeze on the assets of Swiss businessman Yves Bouvier who owns mega-sized shipping and storage facilities.

Bouvier is known in the art world as the king of freeports, those massive storage facilities that the super-rich use to hold and trade art, gold, wine and more, tax-free. Most are located in Geneva, and lately, Luxembourg and Singapore.

The investigation of Bouvier stemmed from a criminal complaint of fraud and money laundering filed in January by the family trust of Russian billionaire Dmitry Rybolovlev in Monaco. Rybolovlev claims he was overcharged multimillions of dollars by Bouvier for artworks, including a Leonardo da Vinci painting. A work by Rothko, and a Modigliani once owned by Steve Cohen, are also at the center of the unfolding legal drama.

Read more at FT

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