Breaking News

One new case of Covid-19 on 11 July brings total in Monaco to 109: 8 home monitored, 98 cured, 1 resident death

Rybolovlev loses latest round in art case

Rybolovlev loses latest round in art case

By Staff Writer - April 19, 2017

Yves Bouvier. Photo: Hpetit21
Yves Bouvier. Photo: Hpetit21

AS Monaco majority owner Dmitry Rybolovlev has suffered a new setback in his ongoing court battles with art dealer Yves Bouvier. Singapore’s highest court ruled on April 18 to stay an ongoing court case, saying that Switzerland would be the more appropriate jurisdiction in which the Russian billionaire should pursue his claim for damages.

Mr Rybolovlev claimed claimed that Mr Bouvier, a Swiss citizen, had committed fraud and breached fiduciary responsibilities.

The Court of Appeal in Singapore agreed with Mr Bouvier’s lawyers that the transactions were governed by Swiss law, as specifically written into contracts for the initial four sales, which took place between 2003 and 2006. Mr Bouvier, who also has major stakes in a number of freeports, moved to Singapore in 2009.

Mr Rybolovlev filed a criminal complaint against Mr Bouvier in Monaco in January 2015, leading to his arrest in the Principality. Mr Rybolovlev has claimed that he was overcharged by about $1 billion on the acquisitions of nearly 40 works of art, while Mr Bouvier’s defence rests on his claim that he was working as a private dealer, and could set his own prices.

In an earlier court case in Singapore, the Russian fertiliser magnate sought to freeze Mr Bouvier’s global assets, but the same court unfroze his accounts in August, 2016. Legal proceedings remain in place in Monaco.

READ ALSO

Justice Department steps in

READ ALSO

Monaco resident to demolish Trump property

shares
SHARE
Previous articleMonaco’s state budget surplus grows as revenues boom
Next articleSolar Impulse co-founder in new venture

daily

Cassandra Tanti

Monaco Life spoke to three ISM students about how they made it through the challenging school year what they thought when the Bac exams were cancelled.

0
July 16, 2020 | Local News

CARE reviews first files

Stephanie Horsman

Around 20 companies have put their hands up for government support under the new CARE initiative. Businesses have only two weeks left to apply for the aid.

0
Stephanie Horsman

Keep an eye out in the skies this month for the recently discovered Comet Neowise, because it won’t be back for another 7,000 years.

0
July 16, 2020 | Local News

Prestige Summer Auction dates set

Stephanie Horsman

It’s auction time in Monaco and this summer, Accademia Fine Art will be organising two events at the Hôtel Metropole with a vast selection of beautiful pieces.

0