Dmitry Rybolovlev appeared in court in Monaco on Thursday morning charged with “being complicit in violating privacy” and was released to appear at a later date.
The Russian billionaire, and majority owner of AS Monaco, is involved in a long-running dispute with Swiss art dealer Yves Bouvier over claims that he was overcharged for a number of iconic art works when Bouvier acted as a middleman.
The criminal charge against Rybolovlev stems from a complaint by Monaco resident Tania Rappo, who introduced Bouvier to Rybolovlev in 2003. She was briefly held in custody along with Bouvier in February 2015, under suspicion of moneylaundering.
The high profile affair took a dramatic turn with the sudden resignation and later arrest of Monaco’s top judicial official, Philippe Narmino, four weeks ago. Narmino, and a lawyer acting for Rybolovlev, Tetiana Bersheda, had come under suspicion of colluding in the original arrest of Bouvier through an exchange of text messages. Both have strenuously denied any wrongdoing.
Monaco’s public prosecutor Jacques Doremieux told AFP that Rybolovlev’s brief court appearance Thursday was a “procedural formality”.
“There’s no questioning and it is referred to another date to be heard on its merits.”
Minister of State Serge Telle and Jean Castellini, Minister of Finance and Economy, have presented an outline of the 2018 Budget, describing it as a “budget of achievements.”
The rebalancing approach initiated in 2011 is continuing with a surplus of revenue expected of €2.9 million in 2018.
With a 0.6 percent increase in revenues compared to 2017 and a reasonable increase in spending of 0.9 percent, the draft 2018 budget is “both a budget achievements and of ambitions for the future”, according to the Minister of State.
Housing for Monegasques has made advances with the Engelin and U Pavayùn projects, the rehabilitation of the Jardins d’Apolline and reinforcement of digital security, and that of the financial sector. Furthermore, there’s been consolidation of the social model in terms of the preservation of public service pensions, health policy, sports and cultural policy.
Future projects include the launch of major urban works (the renovation of Stade Louis II, for example), the restructuring of the Fontvieille shopping centre, the Larvotto development and the installation of Jardin Exotique-Rocher gondolas.
In addition, energy transition will continue in order to further sustainable development and protection of the environment. Discussions with Europe will continue under the conditions set by the Prince Albert, and an increase in assistance in official development and investments in Monaco Explorations.
Ludovic Subran, Chief Economist at Euler Hermes and Head of Macroeconomic Research at Allianz. Photo: SD-Realis/MEB
The economist Ludovic Subran regaled his audience with a brilliant and original analysis on the theme “The United States at the foot of the wall,” at the invitation of the Monaco Economic Board (MEB) at the Hotel Metropole on Tuesday, October 17.
Held in the presence of Jean Castellini, Minister of Finance and Economy, Monaco Junior Chamber of Economy and sponsor Monaco Asset Management, the event attracted some 70 entrepreneurs from the MEB.
Ludovic Subran is Chief Economist at Euler Hermes and Head of Macroeconomic Research at Allianz, one of the leading players in the insurance industry. For more than a decade, he’s been working on the development of economic diagnoses and policies in more than 30 countries and his knowledge is regarded as essential for any company operating internationally.
For this economist, while the American president may have come to the White House on a wave of promises to overturn what had preceded him, in the end he has achieved little. In his view, the fault lies with Trump’s “inability to make the American political system work”. Referring to Trump’s failure to bring about symbolic reforms, such as ending Obamacare and other projects announced with such fanfare during the presidential campaign, he noted their very slow progress.
As a result, the United States has not been able to take full advantage of a favourable global economic context, with growth forecasts of 2% in 2017 and 2.2% in 2018. This he believes is due to lack of credibility, as important as confidence, in the world’s largest economy which is the driving force behind its financing
However, the ineffectiveness of the Trump administration to reform is rather “good news”, limiting the consequences of the very protectionist inclinations of the current White House resident. In addition, Mr Subran noted that markets seem to have learned to manage “political noise” that is often alarmist, smoothing the risks over time.
The economist also highlighted the stakes of the new digital economy, the opportunities that could arise in Europe by the weakening of American leadership and the risks due to potential geopolitical tensions.
The Euler Hermes Group is the world’s leading provider of B2B trading solutions in more than 60 countries, protecting more than €890 billion in commercial transactions worldwide in 2016. The Allianz Group, to which Euler Hermes belongs, is one of the world’s leading insurance groups, which began in Germany but is now present in 70 countries with 140,000 employees, 86 million customers and a turnover in 2016 of more than €120 billion.
MEB’s next event is the Trophies of the Monaco Eco Club on November 28 at the Grimaldi Forum.
PHOTO: Michel Dotta, President Monaco Economic Board, Jean Castellini, Minister of Finance and Economy; Prince Albert Carl Philip of Sweden; Veronika Wand-Danielsson, Ambassador of Sweden to Monaco, Mattias Lindgren, Secretary of State to the Minister of Infrastructure, Robert Wentrup, Business Advisor of Sweden in France -Business Sweden and Jonas Jakobson, Founder of Nordic Equities. Photo: Realis/MEB.
Monaco-based Scorpio Bulkers has received a commitment for a loan facility of up to €72.5 million ($85.5 million) from Nordea Bank AB, New York Branch, and Skandinaviska Enskilda Banken AB, the company said on Wednesday, October 18.
The loan facility will be used to finance up to 60 percent of the market value of the six Ultramax vessels the company has recently agreed to acquire. The loan facility has a final maturity date of February 15, 2023, and bears interest at LIBOR plus a margin of 2.85 percent per annum.
Scorpio Bulkers Inc, which has an office on blvd Charles III, is a provider of marine transportation of dry bulk commodities, and after the completion of the recent acquisition of six Ultramax vessels, will own 52 vessels, consisting of 18 Kamsarmax vessels and 34 Ultramax vessels.
The owned fleet will have a total carrying capacity of approximately 3.6 million deadweight tonnes upon the completion of the acquisition of the six Ultramax vessels.
The Department of Health and Social Affairs is launching its seasonal campaign to vaccinate against influenza and is encouraging all those in the higher-risk groups to seek protection.
Influenza presents a real danger for the elderly, pregnant women and those in delicate health, especially those with chronic respiratory or cardiac diseases. The flu virus is spread very easily through coughing and contact from hands.
Vaccination, which is reimbursed 100 percent to those insured by the Monaco health service, is the only truly effective protection against influenza, not only preventing individuals from becoming sick but also avoiding the transmission of the virus to close relations.
The 2017/2018 vaccine, which requires a medical prescription, has been available in pharmacies for a few days and offers protection for 12 months. However, in order to be effective, vaccination must be carried out before influenza viruses circulate, usually from the end of October, so that the organism can produce specific antibodies and thus protect itself.
Side effects – such as sensitivity to the injection site and minimal flu-like reaction – are rare and not serious, usually disappearing in one to two days.
The Department of Health and Social Affairs is launching its seasonal campaign to vaccinate against influenza and is encouraging all those in the higher-risk groups to seek protection.