Wednesday, October 31, 2018

Oligarch Dmitry Rybolovlev jailed in Monaco - Update

Prosecutors have been investigating whether Rybolovlev sought to influence law enforcement officials in his long-running dispute with Swiss art dealer Yves Bouvier. The Russian billionaire alleges Bouvier swindled him out of $1bn by overcharging him on 38 pieces of art he purchased over a 10-year period. He is suing his former art adviser in Monaco, Singapore and Switzerland. Bouvier has denied wrongdoing. Ryboloblev has also sued Sotheby’s for $380m, alleging the auction house helped Bouvier defraud him.

The feud between Rybolovlev and Bouvier led to the resignation of the head of Monaco’s judicial services after connections between Rybolovlev and justice officials were revealed. In 2017, Rybolovlev sold Leonardo da Vinci’s portrait of Christ, Salvator Mundi, for $450m at Christie’s, making it the most expensive painting ever sold.
Russian oligarch Dmitry Rybolovlev, who resides in Monaco, was taken into police custody on Tuesday. His detention is reportedly connected to an investigation into “corruption” and “influence peddling.” According to Forbes, Rybolovlev is worth about $6.8 billion. He made most of his fortune from the Russian fertilizer producer Uralkali.

The oligarch reportedly paid Trump $95 million for a Palm Beach mansion in 2008, which is twice what Trump first bought the property for in 2004.