Billionaire owner of AS Monaco detained in graft probe

Dmitry Rybolovlev quizzed over alleged interference in police inquiry into art dealer he claims defrauded him of $1bn

Dmitry Rybolovlev
Russian tycoon Dmitry Rybolovlev is under investigation by prosecutors in Monaco
(Image credit: Getty Images)

The billionaire owner of AS Monaco football club has been detained for questioning as part of an ongoing investigation into suspected corruption and influence peddling, according to reports.

Rybolovlev claims that art merchant Yves Bouvier defrauded him of more than $1bn (£760m) over the course of a decade by “repeatedly and blatantly misrepresented the acquisition prices” of 38 pieces of art purchased for a total of more than $2.1bn (£1.6bn) between 2003 and 2014.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The Russian has also sued Sotheby’s for $380m, alleging the auction house helped Bouvier defraud him. Sotheby’s has dismissed the claim as “desperate” and without merit, The Guardian reports.

Rybolovlev himself has now come under investigation over allegations that he sought to influence law enforcement officials in the long-running dispute. In September, the head of Monaco’s judicial service was forced to resign after French newspaper Le Monde revealed that collaboration had occurred between Monaco justice officials and Rybolovlev, who earned his fortune through the sale of two Russian fertiliser producers.

Monaco prosecutors opened a corruption probe against Rybolovlev in 2017 based on material found on a mobile phone belonging to his lawyer, Tetiana Bersheda, according to The National.

Rybolovlev’s legal team claims that the seizure and analysis of the phone by police was a violation of the lawyer-client confidentiality and are challenging the move in court. He denies all wrongdoing.

“We regret the violation of the secrecy of the investigation, and we ask that Dmitry Rybolovlev’s presumption of innocence is rigorously respected,” his attorneys said in statement.

In 2017, Rybolovlev sold Leonardo da Vinci’s portrait of Christ, Salvator Mundi, for $450m at a Christie’s auction, making it the most expensive painting ever sold.

Explore More