MOSCOW, September 4 (RAPSI) – The High Court of Singapore unfroze assets of an art dealer accused of defrauding Russian billionaire Dmitry Rybolovlev, South China Morning Post reported on Friday.
In August the Court of Appeal in Singapore has ruled to unfreeze assets of Yves Bouvier, a Swiss businessman and art dealer residing in the country. 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. 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.