Day: 30 August 2017

Monaco coach Leonardo Jardim has explained the club’s recruitment and transfer policy, and said he would love to keep Kylian Mbappe but understands the club’s reasons for selling star players.

For several days, Paris Saint-Germain have been close to completing the signing of Mbappe from Monaco for a fee of around €150 million plus a player, making Mbappe the second-most expensive player in history.

Mbappe was an unused substitute in Monaco’s 6-1 win over Marseille on Sunday, underlining the fact that Monaco has other star players to depend on for wins.

The Ligue 1 champions have already sold Bernardo Silva, Benjamin Mendy and Tiemoue Bakayoko for major profits this summer.

“I don’t usually say a player is more important than the team. Of course, I would like to keep my best players, but my method is to work with those who are available,” Jardim said.

“Kylian is a high quality player, a star, but Monaco won a lot of matches without him during the first six months of last season,” adding, “I am not confirming or denying anything about him.”

Stating that it’s not his role to talk about the transfer window, the AS Monaco coach did comment, “We take young players that we try to improve. Monaco gives them great exposure, and then they are stolen from us each transfer window.”

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A US Court of Appeals judge has affirmed an earlier ruling ordering that documents related to Dmitry Rybolovlev’s art purchases in the US be released in order to be used in the case pending in Monaco, a move that can be seen as encouraging for the Russian billionaire in his long-running legal tussle with art dealer Yves Bouvier.

Mr Rybolovlev’s lawyers are said to believe that the documents will reveal details of sales brokered by Mr Bouvier that they claim were subject to considerable mark-ups that their client was not aware of.

The feud between Mr Rybolovlev, the majority owner of Monaco’s soccer team, and the so-called “freeport king” can be tracked back to one high-profile purchase out of many: that of Leonardo da Vinci’s Christ as Salvator Mundi.

Mr Rybolovlev bought the work for $127.5 million in 2014, but soon afterwards learned that the picture had sold for considerably less, between $75 million and $80 million, according to a report in the New York Times He was also surprised to learn that Sotheby’s was an additional intermediary involved in the transaction.

In the original suit filed last year, Mr Rybolovlev alleges through his companies Accent Delight and Xitrans Finance “that Bouvier’s account of the sale was entirely false, that he failed to disclose Sotheby’s role, and that he inflated the purchase price in order to pocket the $52 million difference.”

The suit also claims that Mr Bouvier lied about prices for 37 other artworks and defrauded Mr Rybolovlev to the tune of $1 billion over the course of their 11-year relationship.

Bouvier was arrested in Monaco on his way to see the billionaire more than two years ago and was kept in custody for several days. Meanwhile, his Paris-based lawyer, Ron Soffer has claimed that the latest court ruling is nothing new. “The Rybolovlev camp has had these documents for months and gave them to the Monaco judge months ago,” he told artnews.

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By 2022, successive cuts in France’s corporate tax rate for the present 33.33 percent could provide a total relief of €11 billion, according to the government’s own figures. The reduction in corporate taxes, which the government wants to take to 25 percent by the end of the five-year period, will be uniform for all companies of all sizes starting in 2019.

The announcement was made in front of hundreds of bosses gathered for their summer schools since Tuesday on the HEC campus in Jouy-en-Josas.

This reduction in the tax rate will be gradual. It will fall to 25 percent in 2022 instead of 33.33 percent, as committed to by Emmanuel Macron during the presidential campaign. The first stage will take place in 2018, when the rate of 28 percent will now apply to all companies for profits of less than €500,000.

In 2019, above the €500,000 profit mark, the rate will now be 31 percent and then 28 percent in 2020. The decline will then continue in 2021 to 26.5 percent and then to 25 percent in 2022.

The government’s goal is to encourage investment. Meanwhile, several unions are organising opposition to tax cuts and have called for a day of action on September 12.

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