Billionaire Rybolovlev Cleared in Swiss Investigation, Swiss Dealer Yves Bouvier Faces $830 M. Tax Bill

Swiss prosecutors this week dismissed a criminal case against Dmitri Rybolovlev, clearing him of allegations related to the arrest of Swiss art dealer Yves Bouvier in Monaco. The case, initiated by the Office of the Attorney General of Switzerland (OAG) in 2017, accused the Russian billionaire of illegally acting on behalf of a foreign state by allegedly arranging for Bouvier to be apprehended by Monaco’s police. 

After reviewing the evidence, Swiss authorities concluded that no suspicion justifying an indictment had been established. In a statement, Rybolovlev’s legal team welcomed the dismissal, stating that the Swiss judiciary has “definitively closed the case and confirmed their client’s innocence. Which he has steadfastly maintained.”

The OAG’s decision is the latest development in the protracted legal feud between Rybolovlev and Bouvier, which has spanned multiple countries, including Switzerland, Singapore, Monaco, and the United States. Rybolovlev, a prominent art collector, accused Bouvier of overcharging him by nearly $1 billion for art by masters like Leonardo da Vinci and René Magritte. Bouvier, who owned an art-shipping business and operated in Geneva’s freeport, allegedly bought art at lower prices and sold it to Rybolovlev at inflated rates while posing as his trusted art advisor. 

Since then, Rybolovlev has pursued legal actions against Bouvier in several jurisdictions, but has lost in multiple courts, including an attempt earlier this year in New York to hold Sotheby’s liable for Bouvier’s actions.

Bouvier was initially arrested in 2015 while en route to meet Rybolovlev at his Monaco penthouse to discuss the sale of more artwork. However, the Monaco courts eventually dismissed the charges in 2019, ruling that the investigation leading to Bouvier’s arrest had been compromised.

In a related case, Rybolovlev’s legal standing was strengthened by a June 2024 decision from the European Court of Human Rights (ECHR). The ECHR found that the original investigation against Rybolovlev in Monaco violated his rights under the European Convention of Human Rights. The court ruled that Monaco’s investigating judge had unlawfully accessed private messages from Rybolovlev’s lawyer, Tetiana Bersheda, breaching attorney-client privilege. The ECHR also criticized the judge for exceeding his legal authority, deeming the entire investigation and its findings invalid.

While Rybolovlev has now been cleared of the Swiss charges, Yves Bouvier continues to face his own legal battles. 

In a separate case, Swiss tax authorities recently ordered Bouvier to pay $830 million in back taxes after determining that he had falsely claimed residency in Singapore to avoid paying taxes on profits from his art dealing.

It seems Rybolovlev may have won this round, but the international art world could be forgiven for wondering if the billion-dollar dispute will ever truly be settled.