Swiss court imposes heavy fine on billionaire for illegal art imports
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E-mail Xinhua, May 8, 2018
A court in Zurich on Monday fined Swiss billionaire financier Urs Schwarzenbach 4 million Swiss francs (4 million U.S. dollars) for failing to properly declare some 200 artworks imported into Switzerland.
Schwarzenbach, an international art collector and owner of the five-star Dolder Grand hotel in Zurich that houses some expensive artwork, was found guilty by the Bulach district court in Zurich, the Swiss News Agency SDA-ATS reported.
Swiss customs authorities had accused Schwarzenbach of failing to declare the imported artworks or of underestimating their value in tax declarations.
The authorities claimed his action allowed him to avoid paying duties worth around 10 million dollars.
Schwarzenbach argued to the court that the artworks had always been kept at Zurich Airport in a place that did not require any customs declarations. He said he will appeal the court's judgment.
The Swiss finance magazine Bilanz in 2017 estimated Schwarzenbach's fortune at 1.25 billion Swiss francs.
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