BASEL: Swiss customs authorities have slapped a billionaire with a $4 million fine for failing to properly declare some 200 artworks imported into Switzerland, according to media reports confirmed by officials on Sunday.
Swiss financier Urs Schwarzenbach has for years been bringing precious artworks by the likes of Yves Klein and Giovanno Segantini into Switzerland without declaring them to customs officials, or reporting their worth at far below their actual value, several Swiss media outlets reported. Suspecting the billionaire of importing artwork illegally, Swiss customs authorities opened an investigation in 2012.
The probe concluded earlier this month that he had effectively dodged duties worth 10 million Swiss francs ($10 million, 9.2 million euros), which he was ordered to repay, along with a four million franc fine, the NZZ am Sonntag, Sonntagszeitung and Le Matin Dimanche weeklies reported. Swiss finance ministry spokesman Daniel Saameli confirmed the content of the reports to AFP.
According to the papers, Schwarzenbach has agreed to pay back the 10 million francs, but is contesting the fine. The 68-year-old’s lawyers in London told the papers he denied any intentional wrongdoing, and wanted to present his side of the story to the district court in Zurich to clear his name.
