The Swiss art dealer Yves Bouvier, known as the “freeport king,” is under investigation for tax evasion in Switzerland. He could be liable for as much as CHF 165 million ($145 million) in back taxes including debts on proceeds from the sale of 37 artworks he brokered on behalf of clients, including the Rybolovlev family.
Bouvier and the Rybolovlev family trust have been engaged in an international legal battle for years. The family alleges that Bouvier defrauded them by misrepresenting sale prices and adding outrageous mark-ups in dozens of multimillion-dollar art deals. The trust is pursuing Bouvier in a number of countries. He also faces criminal charges in France following a complaint against him made by the step-daughter of Pablo Picasso, Catherine Hutin-Blay.
According to French-language reports, Ueli Maurer, the head of Switzerland’s Federal Department of Finance, authorized a special investigation of Bouvier in March on suspicion that he had been avoiding taxes. The Swiss Federal Tax Administration (FTA) then began to conduct search and seizure operations. Authorities recently froze a real estate property in Geneva that Bouvier owns through a Swiss company to guarantee he would repay back taxes if he were found liable.
Bouvier also allegedly received dividends from two companies tied to him—one in Hong Kong and the other in the British Virgin Islands—that investigators reportedly suspect should have been subject to Swiss tax. Authorities are also looking into claims that Bouvier, who has had an address in Singapore since 2009, actually resides in Switzerland.
Geneva mayor Rémy Pagani confirmed the investigation. In an interview with the Tribune, the mayor said he first encouraged authorities to look into Bouvier more than two years ago when he was a member of Parliament and raised questions about the CHF 2 billion ($2.1 billion) worth of art Bouvier had sold to the family trust.
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