MOSCOW, August 24 (RAPSI) – Bank assets of an art dealer accused of defrauding Russian billionaire Rybolovlev have been unfrozen by a court in Singapore, The Straits Times has reported.
According to The Straits Times, The Court of Appeal has ruled to unfreeze assets of Yves Bouvier, a Swiss businessman and art dealer residing in Singapore. The court has found no risk of assets' dissipation by Bouvier who is accused of inflating the prices of the art works purchased by Rybolovlev.
Rybolovlev has purchased 38 masterpieces including the Da Vinci painting Salvator Mundi from Bouvier, The Straits Times has reported. Later Rybolovlev accused Bouvier of inflating the prices of some works, namely a Modigliani piece obtained for US$118 million. According to Bouvier, Rybolovlev is upset over a failed purchase of a Rothko painting.
Criminal complaints against Bouvier were filed in January in Monaco. In March, Bouvier's assets were frozen by a court in Singapore.