Left Menu
Development News Edition

Russian tycoon a formal suspect in Monaco graft probe - prosecutor


A judge in Monaco has declared Russian billionaire Dmitry Rybolovlev a formal suspect in a probe into corruption and influence-peddling, the principality's chief prosecutor said on Wednesday, after police questioned him for 24 hours.

The judge has been investigating for more than a year whether the fertilizer tycoon, who owns soccer club AS Monaco, sought to influence Monaco's law enforcement officials in a long-running dispute with Swiss art dealer Yves Bouvier.

The Russian alleges Bouvier conned him out of $1 billion by inflating the price of 38 pieces of art he bought over a 10-year period. Rybolovlev is suing his former art adviser in Monaco, Singapore and Switzerland. Bouvier has denied wrongdoing.

"He has been released subject to controls," prosecutor Sylvie Petit-Leclair told Reuters. Petit-Leclair said she had not yet been informed by the judge of what charges Rybolovlev would face if the case proceeded to trial.

Representatives of Rybolovlev in Russia confirmed he had been released from police custody but declined to make any immediate further comment.

Under the legal systems in France and Monaco, a suspect is placed under formal investigation if a magistrate believes there is serious or consistent evidence pointing to a crime. He is not formally charged unless he is sent to trial.

Rybolovlev spent more than $2 billion buying 38 masterpieces from Bouvier between 2003 and 2014.

In 2017, Rybolovlev sold one of those pieces, Leonardo da Vinci's portrait of Christ "Salvator Mundi" , for $450 million at a Christie's auction, making it the most expensive painting ever sold. (Reporting by Matthias Galante; Writing by Richard Lough; Editing by Luke Baker)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

Kerala Education dept unveils ''E3'' project to enhance English

proficiency of students Thiruvananthapuram, Feb 24 PTI The state-run KeralaInfrastructure and Technology for Education KITE has launched a special initiative for enhancing and enrichingEnglish language proficiency of students by making use ...

Two arrested in possession with illegal arms in Murshidabad

Two persons were arrested in Murshidabad, West Bengal, on Sunday for illegal possession of arms. We had received information about some people possessing illegal arms and, hence, on Sunday night a team launched a raid under the Officer-in-c...

UPDATE 2-Togo President Gnassingbe wins re-election in landslide - preliminary results

Togos President Faure Gnassingbe declared an electoral victory on Monday and called on his rivals to drop a competing claim, with official preliminary results showing him re-elected in a landslide. The win, if confirmed, will give Gnassingb...

China 'comprehensively' bans illegal wildlife trade: state media. (AFP) RS RS

China comprehensively bans illegal wildlife trade state media. AFP RS RS...

Give Feedback