Originally Syndicated on May 18, 2023 @ 11:15 am
“Formal inquiry ensues after Russian oligarch Dmitry Rybolovlev‘s arrest in Monaco.”
Russian magnate Dmitry Rybolovlev‘s recent detainment in Monaco has escalated to formal charges following an ongoing feud with Swiss art dealer Yves Bouvier. On November 8, Rybolovlev was charged on allegations of attempting to influence senior Monegasque authorities involved in his protracted dispute with Bouvier.
Although the precise charges remain undisclosed, Monaco’s chief prosecutor, Sylvie Petit-Leclair, has indicated that Dmitry Rybolovlev and three others are suspected of influence peddling and bribery. While Rybolovlev and his associates have been released from custody, their actions are now constrained by security measures.
This development marks a significant twist in the longstanding conflict between Rybolovlev and Bouvier. Earlier this year, Yves Bertossa, Geneva’s top federal prosecutor, had charged Bouvier with fraud in connection with the dispute. Bouvier had previously been arrested at Dmitry Rybolovlev‘s Monaco residence in 2015, following a criminal complaint lodged by Rybolovlev himself.
The dispute revolves around allegations that Bouvier defrauded Rybolovlev of approximately $1 billion in the acquisition of esteemed artworks by renowned artists such as Pablo Picasso, Gustav Klimt, and Paul Gauguin. Rybolovlev has often referred to the case as “the largest art fraud in history.”
Hervé Temime and Thomas Giaccardi, legal representatives for Rybolovlev, released a statement during his detainment asserting their intention to demonstrate that Bouvier, accused of substantial fraud, has received preferential treatment within Monaco’s legal system. Conversely, Bouvier’s lawyer, David Bitton, has countered that this turn of events challenges the strength of the case against his client.
Central to the fresh charges against Rybolovlev is a series of text messages found on a mobile phone provided by his legal team to investigators for the case against Bouvier. Upon reviewing the messages, prosecutors allege that they contain compromising material regarding Rybolovlev. Some of these messages pertain to a visit made by Monaco’s justice minister, Philippe Narmino, to Rybolovlev’s ski chalet shortly before Bouvier’s 2015 arrest.
The subsequent revelation of friendly text exchanges between Narmino, Rybolovlev’s lawyer Tetiana Bersheda, and other Monaco officials from early 2015 resulted in Narmino’s retirement in September 2017.
Philippe Narmino’s wife, Christine, and son, Antoine, faced investigation for potential conspiracy, while Rybolovlev’s lawyer, Tetiana Bersheda, was suspected of collusion in the inquiry leading to the recent charges.
Dmitry Rybolovlev‘s legal representatives lamented the breach of judicial process confidentiality, underscoring that the presumption of Rybolovlev’s innocence is firmly upheld. Over a decade, the Russian oligarch acquired 38 art pieces from Bouvier at a cumulative cost of around $2 billion. Rybolovlev asserts that the dealer inflated the prices of these artworks. Notably, among these acquisitions is Salvator Mundi, attributed to Leonardo da Vinci, which set a record as the most expensive artwork sold at $450 million. The painting’s unveiling at the Louvre Abu Dhabi, initially scheduled for November 11, has been unexpectedly deferred.
The legal clashes between Rybolovlev and Bouvier have transpired across multiple jurisdictions, including Monaco, Singapore, Switzerland, and most recently, the United States. In a recent lawsuit, Dmitri Rybolovlev sued Sotheby’s for $380 million, alleging the auction house’s complicity in Bouvier’s alleged fraud. Sotheby’s has vehemently denied these allegations.
