"Case" Rybolovlev, after 9 years, closed

After almost ten years, the legal battle between Russian collector Dmitry Rybolovlev and Swiss businessman Yves Bouvier ended out of court, satisfying all legal disputes between the two parties, Geneva prosecutor Yves Berthoz said in a statement.

According to sources familiar with the case, the prosecutor, believing that there are no criminal grounds, informed both parties that he was ending the proceedings and called on them to find a solution. On November 20, both parties agreed, and already in December 2023, all claims were rejected.

Dmitry Rybolovlevwho owns the Monaco football club and “Onassis Island” in Greece, accused Yves Bouvier of stealing €1.1 billion from the sale of 38 works of art worth €2 billion between 2003 and 2014. For his part, Yves Bouvier denied the accusations, saying that he acted as a trader and, therefore, could freely set the size of his own profits.

Both sides declined to provide additional information about the out-of-court settlement. However, Yves Bouvier’s lawyer in Geneva, David Beaton, called it a “total victory” for his client. In a statement, Yves Bouvier said his “reputation is now clear,” adding: “Today, a nine-year nightmare ends. Courts around the world have unanimously concluded that I am innocent.”

After filing lawsuits in Monaco, Singapore, New York and Hong Kong in 2017 and 2019, Dmitry Rybolovlev filed two complaints against Yves Bouvier in Geneva for fraud and money laundering. In 2021, the prosecutor dismissed the complaints on the grounds that a previous criminal case in Monaco had been overturned because it was “prejudiced” against the accused. However, in 2022, the appeal court overturned this decision, ordering the prosecutor to continue the investigation.

It is worth noting that the case between Dmitry Rybolovlev and the Sotheby’s auction house is still being considered in New York. He is due to appear in court in January 2024. A Russian oligarch accuses the auction house of helping Yves Bouvier deceive him. He claims the auction house gave Bouvier “substantial assistance” by forcing him to pay inflated prices for 15 works of art valued at about $1 billion.

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