Following the court case and arrest earlier this year of Yves Bouvier, Director and Shareholder of the Luxembourg Freeport, on Friday 21 August Singapore's Court of Appeal unfroze his assets after the Swiss businessman and art dealer had been sued by a Russian billionaire for alleged fraud.
The Court of Appeal lifted the Mareva injunction which had frozen the assets of Bouvier, stating that the action did not present a risk of Bouvier disposing of his assets afterwards.
Yves Bouvier was sued by Russian billionaire Dmitry Rybolovlev in Monaco in January earlier this year, after the billionaire claimed that Bouvier, as his agent, had inflated the price of 38 pieces of art, totalling a mark-up of $1 billion. Two months later Rybovlovlev filed a civil suit in Singapore, where Bouvier is a permanent resident. The Singapore High Court bestowed an injunction preventing Bouvier and corporate affiliate MEI Invest from moving or using any assets of sums up to $500,000,000.
In April 2015, Le Freeport Luxembourg, which provides secure storage and trading facilities for valuables in the Grand Duchy, confirmed that, despite the international scandal, Bouvier would remain on the Board of Directors at the company as a Director and Shareholder.
Bouvier has continuously denied any wrongdoings, claiming that he was not Rybolovlev's agent, and was reported to be 'delighted' by the decision taken by the Court of Appeal.
Photo by Reuters/Eric Gaillard
