NOVAYA GAZETA

Photo: Evgeny Stetsko / TASS

Art of Investment in Power

Why Russian billionaire Dmitry Rybolovlev thinks that the Isle of Scorpios,
Cyprus, and Monaco are the three places in the world where he can do
whatever he wants

SOCIETY

Andrey Sukhotin

02:51 September 25, 2016

correspondent

Party with DiCaprio

A hot July evening was coming up in the Cte d'Azur in France. A quiet street in
downtown Saint-Tropez, almost deserted in daylight, had already started getting
filled with luxurious cars. Respectable gentlemen wearing tuxedos, accompanied
by their charming female consorts in suave dresses, were unhurriedly, through a
subtropical heat haze, following a carpet runner towards a small chalet located
in the deep of a well-maintained vineyard, Domaine Bertaud Belieu. Two Bengal
tigers, whose portraits are a traditional decoration of the yearly gala-dinner
organized by the fund of the most famous wild life advocate, Hollywood actor
Leonardo DiCaprio, Leonardo DiCaprio Foundation, were watching them from
the roof of the mansion, either with compassion or with interest.
Someone in the crowd revealed expert knowledge: the Hollywood star has
developed love to tigers under the influence of his friend, the chairman of his
fund, Milutin Gatsby, who, actually, is not Gatsby at all, because its a
pseudonym, but a mercenary who participated in mission in Yugoslavia. It is
worth being mentioned that gossip mongering is the most popular and favorite
amusement at such events.
Meanwhile, on the stage, DiCaprio was thanking the guests for their concern
with the problems of wild life and occasionally informed that after winning the
Oscar for his lead role in The Revenant he does not plan to play in new movies
for the next two years.
Waiters were cruising through the room divided in two areas (one for the
worlds artistic upper crust and the other one for their wealthy admirers, i.e.
businessmen), serving glasses of champagne.
Look, Leo! a young Russian lady wearing a beautiful white gown with a deep
cleavage nodded towards table No 33, which the hero of the evening was sitting
at, merrily discussing something with his The Wolf of Wall Street co-star, Jonah
Hill, and Hollywood star Edward Norton.

American artist and sculptor Jeff Koons was joining the conversation from time
to time. Attempts to cut in the discussion were also made by a so far little-known
millionaire Vasily Klukin, who lives in Monaco. Last year at an auction arranged
by Leonardo DiCaprio Foundation, he paid $ 3.5 million for the opportunity to
fly into space with DiCaprio. But this flight, which was so passionately
announced by him in the Russian glossy magazines, did not happen as
compensation, Klukin was allowed to sit at the same table with the actor this
year.
You understand that all these lots travel to space and submerging in a
submarine together with someone from Hollywood is only a glitz, cynically
explained to his friend the Ukrainian businessman, if judged by his Odessa
accent. But today, he continued, the lots will be real going together with
DiCaprio to watch the final of male US Open, personal watches of the actor, a
few paintings of modern artists, and other similar stuff.
Despite the fact that there was still lots of time before the beginning of the fund
raising auction, it was already possible to reckon the approximate amount of the
raised funds the price of booking one table, according to a private offer made
by the organizers, was in some cases as high as 500,000, with at least forty
tables placed in the room.
Besides, the Russian speech was becoming more and more clearly heard in the
room. Listening to it, one could identify Ukrainian entrepreneurs and members
of the Verkhovna Rada of Ukraine Alexander Onishchenko, put on the
international wanted list, and Vitaly Khomutynnik. Not far from them, sitting at
different tables, could be spotted billionaires from Kazakhstan aluminum
tycoon Alexander Mashkevich and banker Kenes Rakishev. Former Chechen
senator Umar Djabrailov was hiding at this moment in a corner and peering
uneasily into the depth of the room.
Last year at the auction arranged by Amfar, Umar was ready to purchase the lot
Two Days with the Prince of Monaco. It was important for him, because Umar
is not allowed to go there after some incidents in Monte Carlo. Now he is looking
for a chance to prove to the prince that he is a decent person, a new portion of
gossips seemed to vibrate in my head.
On the opposite side of the room across Djabrailov, at a table was peacefully
sitting Russian businesswoman Marina Goldberg, who men were respectfully
greeting and immediately leaving. On her face one could read fatigue and
indifference to the event: two weeks before FSB arrested in Moscow her
reputable spouse Zakhary Kalashov, better known as Shakro the Young
Dmitry Rybolovlev was the most picturesque out of the whole Russian
delegation: he spent almost the entire evening, sitting silently at his table, and
only once he left it for a brief talk with the Prince of Monaco Albert II, the
audience with whom was so desperately looked for by Umar Djabrailov.
The talk between the Prince and the billionaire was closely watched by people
sitting at all three tables booked by the latter: Rybolovlev is considered almost
the most influential businessman in Monaco, whose relations with the Prince
have allegedly recently deteriorated. But not dramatically, if judged by the
dialogs of the guests. Dmitry Evgenyevich has recently helped Bedzhamov to
get released, was boasting someone from the retinue of Rybolovlev.
This bit of a news immediately spread over half of the room and was
supplemented with a fresh piece of information: thanks to Rybolovlev, the coowner of the bankrupt VneshPromBank Georgy Bedzhamov was not only
released from Monaco jail (where he got after being put on the international
wanted list by Russia), but also got a liberal parole he had to report to police
only once per month. Recently, Bedzhamov left for London.
Closer to midnight, the talks on those who escaped Russian justice and
discussions of business plans moved to the neighboring tent, from where Dmitry
Rybolovlev took Leonardo DiCaprio and other selected guests to his mansion in
Saint-Tropez (purchased for 60 million) for a dedicated discotheque arranged
on the event of the actors visit for 5 million.
With the same interest, they were looked after by the Bengal tigers.

Yves, the Prisoner of the Principality

Photo from archive

On the early morning of February 25, 2015, Swiss entrepreneur Yves

Bouvier was going to Monaco for a long-expected trip.
A common person by the look and even a bit shabby (he prefers wrinkled
shirts tucked in a pair of worn-out jeans, decorated with an old-fashion belt
mobile pouch), this multi-millionaire is one of the most influential art-dealers
of the world. His portfolio contains the biggest art deals related with the
purchase and sale of the worlds masterpieces, which price amounts to billions
of euro: starting with paintings of Vincent Van Gogh and Pablo Picasso and
finishing with the sculptures of Amedeo Modigliani. All over the world,
Bouvier is called the king of the free ports.

Notice:
A free port is a type of a free economic zone, the territory of which is excluded
from the customs area of a given state. Functioning of a free port is based
either on full or partial absence of the customs duties and taxes, and lax rules
for import, export, and re-export. Such ports allow load handling, storage,
sorting, marking, and stowage of the goods; exhibition business; sale of
goods; banking and insurance business; as well as renovation of objects of
art; storage of unique wines, precious metals, and gems.

Despite a tight working schedule the businessman shuttles between

Singapore, Beijing, Hong Kong, and Switzerland Bouvier postponed all his
meetings after he got a call from Russian billionaire Dmitry Rybolovlev who
invited him to visit Monaco. Within the last 10 years, Rybolovlev had become
one of Bouviers major clients, purchasing priceless objects of art after long
struggle at various auctions. But in mid-2014, between Rybolovlev and Bouvier
arose tensions, after formalizing another purchase, the painting by Mark
Rothko Violet, Green, and Red, which is considered the main painting of the
artist worth of 140 million: starting from September 2014, due to an
unrestrained life style of the Russian oligarch, he did not have financial
resources to pay the rest of the amount for the painting.
Rybolovlev, who was previously demanding that Bouvier should collect him the
best collection of paintings in the world, was indebted to pay his art-dealer 40
million. The negotiations regarding the debt had lasted for nearly half a year, so
now the Swiss man was finally expecting this money to be paid after their
meeting in Monaco.

But as soon as Bouvier entered the door of the mansion Belle poque, where
Dmitry Rybolovlev owns the most expensive apartments in the Principality,
Bouvier was approached by ten policemen of Monaco who had been notified on
the art-dealers arrival by Rybolovlev. You are arrested, as if in a Hollywood
movie, calmly said one of them, locking handcuffs on the businessmans wrists.
According to Bouvier, Rybolovlev did not have guts to meet him and discuss the
current situation personally, instead he preferred to send the police. Bouvier
says that, knowing the nature of the oligarchs character, he is not surprised by
such behavior.

An Amateur Collector
First time, Yves Bouvier and Dmitry Rybolovlev met in 2002. Their
acquaintance, which later turned into a business partnership, was caused by a
Mark Chagalls painting, Big Circus, which Dmitry Rybolovlev acquired thanks
to his wifes friend and god mother of his youngest daughter Anna, Tanya Rappo.
Dmitry asked me to find him art dealers. But at that time I did not know this
business, and all I could do was to bring him to museum. Though, one time, I
introduced him to Simon de Pury, who was the head of auction house Philippe
de Pury at that time. But Dmitry is a peculiar character: he did not like de Pury.
So one day, when Rybolovlev purchased the painting by Chagall, which had been
stored in Genevas Freeport, we all met Yves Bouvier for the first time. Then he
helped Dmitry, recollects Tanya Rappo, who is fluent in Russian language.
The purchase of Chagalls painting for 5 million was the first move of the
Russian businessman in the vineyards of high fine arts, says Bouvier: My
transport company was shipping [the Chagalls painting] to the freeport of
Geneva. Thats where we met each other. Dmitry wasnt looking great when he
learned that his painting lacks authenticity certificate, which is an integral part
of such things. He also learned that he had to lend the painting to an Israeli
museum for an exhibition after several weeks. In short, he was in fury, shouting
all the time: Ive been cheated!. Just imagine: there is a pissed off Russian
oligarch in front of me whom I can help. Calm down, I will deal with it, I told
him and explained all the steps that are required when purchasing a painting to
secure oneself. It is a kind of Due Diligence for objects of art: authenticity
examination, visual inspection, and the main thing ownership title
provenance. After a week, Bouvier managed to obtain the necessary certificate
from Chagall Committee in Paris, which allowed Rybolovlev to secure his
investment.
Two days after that meeting, Bouvier called Rappo and requested her to arrange
another meeting with Rybolovlev. Yves told me: Tanya, it is difficult for me to
meet with a Russian oligarch, but if you arrange [the meeting] I will appreciate
it. I told Dmitry about it. He replied: Let him come today! That was the nature
of their relationship. One of them wanted to sell paintings, the other one wanted
to purchase them, adds Rappo.
Shortly after this, meetings of Bouvier and Rybolovlev on the matter of paintings
became regular, and Rappo was acting as a communicator in their relations,
since the Russian businessman did not speak foreign languages. He was not
happy with mere paintings of high artistic value, he wanted to get all the best.
Yves, offer me only masterpieces! said he once, recollects Bouvier.
Van Goghs painting Landscape with Fields and an Olive Tree was the first
masterpiece, successfully offered to Dmitry Rybolovlev in 2003, which he had to
pay 18 million for.

That was the time when the parties based the structure of their future
cooperation: Bouviers commercial foundation MEI Invest, registered in Hong
Kong, was executing contracts for the purchase of painting with companies
Xitrans and Accent, registered in the British Isles and owned by Rybolovlevs
Cyprian Trust The Domus Trust. Other than that, Rybolovlev and Bouvier were
signing an agreement according to which the latter was entitled to 12 % of the
price of each painting as a price of its shipment, insurance, and warranty of
authenticity and ownership title.
Within the following four years Rybolovlev purchased 12 paintings for the total
amount of $122 million and 263.5 million: the biggest purchases were Fare by
Paul Gauguin (54 million) and two huge paintings Water Lilies by Claude
Monet (46.5 million and 42 million). Bouvier, who had promised to thank
Rappo for the meeting with Rybolovlev, regularly and officially sent her
considerable commission fees.
Almost immediately after the first specific discussion regarding the
masterpieces, Dmitry demanded that I would find him Water Lilies, [because] he
wanted to get them in his collection. It took 5 years to find it, reports Bouvier.
It seems that at this period of time, Rybolovlev became a real fan of painting: his
name started being mentioned more and more frequently in the chronicles of
auction houses, and in 2005 he was appointed an art expert in his own
company Xitrans. This is quite symbolic, to proclaim oneself a high art expert.
But this is Dmitrys nature he does believe that he knows everything better
than you, says Bouvier and recollects the Russian businessman to start
monitoring catalogs of auction houses and maintain close relations with
managers of fine art museums and collectors.
Meanwhile, Bouvier was helping Rybolovlev with entering the world of fine arts
and architecture, he was getting himself closer to Russia: since 2004 his
company Art Culture Studio has been holding a yearly fine arts salon in
downtown Moscow, the Moscow Manege (Moscow World Fine Art Fair 60,000
visitors in average). We were working together with the Ministry of Culture and
the Mayorship of Moscow. We were holding luxurious parties, which not only
the Russian, but also the Western elite longed to attend. At one of such parties,
after all usual organizational difficulties (for logistic purpose, we even had to
block Tverskaya Street then), I looked around the room and realized that I am
seeing so many billionaires together for the first time, laughs Bouvier.
Many of the wealthy attendees of that party later become Bouviers clients, but
Rybolovlev still seemed to be the most valuable one. Then their relations,
continues the Swiss-man, became even closer Bouvier sometimes visited
private receptions at Rybolovlevs set for the celebration of his own or his
daughter Ekaterinas birthday, whereas the billionaire was asking Bouviers
advice regarding the issue of protecting the title for his objects of art from his
spouse as a part of their divorce suit.

Divorce and a "Competent Representative of the

Government"
In October 2008, then vice-premier of the Russian Government Igor Sechin
insisted on additional investigation of the accident which had occurred in one of
the potash mines of Berezniki in 2006 several dozen people got hurt to a
flooding.
It shall be [our] goal to identify the amount of financial responsibility of
Uralkali for the accident in the mine, stated Sechin shortly after the special
governmental committee announced their ruling regarding the geological causes
of the incident. By that time, the capitalization of Uralkali had already reached
$35 billion, and it became clear that Rybolovlev can lose control over the
company. Fear to become under investigation forced Rybolovlev to move all his
assets to a trust management and to physically move the purchased paintings to
safer jurisdictions, follows from the statement by Rybolovlev made in the
Supreme Court of Singapore (where his paintings finally ended).

Two months after, Elena Rybolovleva filed for a divorce in the Court of Geneva
and demanded that her husbands property be divided on parity basis (the
proceedings of the divorce suit are available with the editorial staff). In support
of her demands, Elena Rybolovleva explained that she is not in position to live
together with the billionaire due to his life style, which caused her to suffer a
serious emotional stress. As a part of this suit, which was held in the Supreme
Court of Singapore and East Caribbean Appeal Court, Dmitry Rybolovlev
explained why he had changed the structure of his property and location of
custody for his objects of art.
An extract from Rybolovlevs statement: My assets, including Uralkali, were
jeopardized, since there was a high probability, typical for the Russian judicial
system, that the Russian authorities would act at their discretion, partially and
not fully in accordance with the law. Actually, Elena knew well that the
relocation of the objects of art and furniture was driven by the wish to secure
their safety due to certain instability related to Russia. Never did I try to
relocate the supposedly marital property from Switzerland without her consent
with the purpose to reduce the amount of marital property. Starting from late
October 2008, I had been especially concerned with the events in Russia. I was
invited for a meeting with the Russian authorities to discuss the issue of
Uralkali. During the meeting which was held on October 29, 2008 I was told
that the Russian authorities would resume the investigation process.
The Rybolovlevs statement match well the statement made by his spouse: That
time he was telling me about the threats of the Russian governments against
Uralkali, but I could not check this information. I know that Dmitry was
supposed to take part in a meeting with Mr. Sechin, a competent representative
of the [Russian] Government, in Moscow on the next day, October 29, 2008.
Dmitry did go for this meeting and after returning to Paris where I had been
since October 30, 2008, he told me that the situation was serious, that he might
end up in jail, and that he is at the risk of losing his company.
From the Rybolovlevs statement it follows that in fear for his property to be
arrested in Switzerland as a part of the possible legal action in Russia, he
decided to relocate the objects of art to safer jurisdictions, i.e. London and
Singapore, proposed by Mr. Bouvier.
According to Bouvier, he did provide some consultancy help to Rybolovlev as
how to save his paintings. I was helping [him]. I had a talk regarding this
matter with the custodian of his trusts, Andreas Neocleus, in Cyprus. He was
proposing to hide the paintings in an underground bunker of his legal company;
we were even discussing some possible security systems. But as a result,
Rybolovlev was afraid that the Cypriots would take the paintings and they
stayed in Singapore.

Investments in Power
In 20102011, without any trouble, Dmitry Rybolovlev parted with Uralkali,
earning approximately $ 78 billion from selling 63 % of the company shares to
businessmen Suleyman Kerimov, Alexander Nesis, and Filaret Galchev.
After getting the first large installments from the buyers, Rybolovlev purchased
10 % of the shares of the largest Cyprian bank Bank of Cyprus, reinforcing his
relations with the representatives of the Cyprian Government. He could easily
invite the President [of Cyprus] to dinner. People often saw him together with
Rikkos Erotokritou (ex-General Prosecutor of Cyprus currently accused of being
bribed by a legal consultancy Andreas Neocleus & Co. for illegal termination of a
criminal suit in relation with the owners of a Russian company ZAO Rosinka
A.S.), says a billionaires acquaintance. From the very beginning, Dmitry
realized that power is the best thing one can invest in, acknowledges Rappo.
Simultaneously with reinforcement of his position in Cyprus, Rybolovlev started
searching new projects for profitable investments in Monaco through Belgian
entrepreneur Willy de Bruyne. Allegedly, the latter achieved agreement in the
interest of Rybolovlev regarding the purchase in 2011 of soccer team Monaco FC
with the head of the Principality Prince Albert II.

Bouvier agreed with Rybolovlev on the sale of rare paintings: Water Snakes II by
Gustav Klimt and Salvator Mundi by Leonardo da Vinci. For two paintings by
these artists Rybolovlev paid more than $ 300 million. By this time, all beau
monde of Monaco, including Grard Cohen, HSBC CEO, and Philippe Narmino,
Director of Judicial Services of Monaco, started showing up in Rybolovlevs sky
box in Louis II stadium, where Monaco FC plays their home games, to watch
soccer matches.

Luxury as an Addiction
Respect from the ruling elite was gained by Rybolovlev simultaneously with the
purchase of expensive pieces of real estate apart from the soccer team and
shares of the Cyprian bank, he also managed to purchase Villa Roma and
apartments in Belle poque in Monaco (their total price amounted to $ 380
million), a mansion in Saint-Tropez ( 60 million), Will Smiths house in
Hawaii ($ 20 million), two islands in Greece previously owned by Aristoteles
Onassis ( 100 million), an island in Dubai ($ 50 million), Donald Trumps villa
in Florida ($ 100 million), a chalet in Swiss Gstaad (Swiss Francs 100 million)
with a Turkish bath (Swiss Francs 30 million), penthouses in New York ($ 100
million) and London, a mansion in Paris, a yacht, airplanes AIRBUS 319 and
Falcon, etc.
According to Bouvier, the sale of Uralkali dramatically changed the behavior of
Dmitry Rybolovlev: He had been fond of luxury before. But after [the sale of
the company] he reached the phase when a rich man becomes addicted to
luxury. He wants the biggest house, the most beautiful flat, the longest yacht,
the most prestigious collection of art I cant say that it was nice to see such
Dmitry, but I could not beat addiction of this adult person either. According to
one real estate broker, Rybolovlev rented an apartment in Belle poque for
280 million for 30 years. When talking to his realtor, Dmitry actually did his
whole job of the realtor himself, by explaining why that flat is the best and why
he needed to purchase it. He seems to have done the absolutely same thing
when purchasing the penthouse in New York: Dmitry was assuring the sales
person that the layout and design of the flat were wonderful and the view from
the window was ideal. After getting such input, the sales person reasonably set
the highest price, which was predictably paid by Dmitry.
Enjoying a luxurious life style, Rybolovlev did not suffer any nostalgia for
Russia at all, says Bouvier: When I was at Dmitrys birthday party in Hawaii, a
photo show started getting scrolled down on a big screen: he was amidst his
comrades, wearing a flak jacket, with Kalashnikovs in the hands of his security
people. Dmitry was pleased to comment: Here we are on the road. We are going
to have a gun fight in about ten minutes. In brief, it took some guests certain
amount of time to realize that it was typical for Russia in the 90-s many had
seen something like that only in the Wild West movies.
Rybolovlev never wanted to return to Russia, continues the art dealer: Once I
asked him: You gathered a unique collection of paintings, but you are not
exhibiting it anywhere. Show it to the people! and proposed to start with an
exhibition in Moscow. But when Dmitry heard about it, he objected harshly: No,
the Russian authorities will take it from me. This fear was incomprehensible for
me.

Arrests
On February 25, 2014, Elena Rybolovleva arrived to Limassol. After getting of the
plane, she was detained on suspicion of stealing a diamond ring from her
husband. I have never thought that it was possible, says Rappo, reminding that
the Rybolovlevs had not formalized their divorce at that time and, as a result, had
not identified parameters for the partition of the property. Besides, Elena
Rybolovleva could claim half of her husbands fortune, which was assessed to be
around $ 8 billion and their divorce thus could have the potential to become the
most expensive one in the history.

The Isle of Skorpios

Photo: EPA

According to Tanya Rappo, immediately after her friend Elena was arrested, she
called Rybolovlev: The fact is that I was a living witness of Dmitry giving the
ring to his wife, for stealing of which she was arrested for. I met Dmitry on his
island of Scorpios and he told me: Tanya, there are three places in the world
where I can do whatever I want: Scorpios, Cyprus, and Monaco. And I am
certainly not planning to pay $ 4 billion.
Precisely one year after his wife was arrested, on February 25, 2015, Tanya
Rappo and Yves Bouvier were arrested in Monaco. They were detained on
charges filed against them in the General Prosecutors Office of Monaco by
Accent Delight International Ltd and Xitrans Finance Ltd owned by the
Rybolovlevs. From their joint statement it follows that starting from 2004, Yves
Bouvier, mislead the Rybolovlevs and sold them 37 paintings, unreasonably
overstating their real price by twice the amount of 1 billion.
In his statement, Dmitry Rybolovlev asserted that he assigned Yves Bouvier to
conduct negotiations with owners of art objects and to hand the entire amount
[obtained from Rybolovlev] to the owners of paintings; that he [Bouvier] was
acting only as a middleman of the family trust of the Rybolovlevs, Domus. The
fact that after the purchase of the paintings, Bouvier was selling them to Xitrans
and Accent for a massively higher price was allegedly found by Rybolovlev
accidentally, when in 2014 he read an article in New York Times. From this
article it could be concluded, among other things, that the price which Yves
Bouviers MEI Invest paid for Leonardos Salvator Mundi could amount to $ 70
75 million, whereas the Rybolovlevs paid $ 127 million for it. On the other hand,
Bouvier claims that the oligarch had perfectly known about it. In early 2013,
Dmitry held examination of most of his collection with the help of the Prince of
Monacos expert. He could not be ignorant about the price of these paintings, but
did not provide these documents to the Monegasque Justice.
During a face-to-face interrogation between Yves Bouvier and Dmitry
Rybolovlev, the latter stated that he had known nothing about the commission
fees paid by the art dealer to Tanya Rappo, and that he always perceived
Bouvier as an agent, no art seller. In his turn, Bouvier brought out the attention
to the contracts which were signed by his company and Rybolovlevs ventures
managed by the latters legal advisors. In all contracts, I am the Seller. I could
not believe what I was hearing and seeing, sitting in front of Dmitry. In front of
me was sitting a billionaire who perfectly realized the unique nature of my
business, but at the same time was pretending that he did not know what kind of
money I was making. He was seriously assuring the investigators that 1 % or 2 %
of price of each painting, which he paid several months after the purchase that
insignificant amount for which I was ready to search masterpieces for him and
which would also include the shipping fees, insurance, and authenticity/
ownership title guarantee, leaving alone my expenditures related with the search
of those paintings that Dmitry finally did not purchase there was almost a
hundred of them, said Bouvier.
Rappo, who was not informed about the nature of agreements between Bouvier
and Rybolovlev, said the same that she was sure that the billionaire understood
that the art dealer was the seller of paintings, and not an agent.

Still, Yves Bouvier was placed in a pretrial detention before the bail hearing.
This decision was based on a letter from HSBC bank, stating that Bouvier and
Rappo had common access to accounts of commercial real estate management
companies. Thus, assumed the investigators, Bouvier could use Monaco
jurisdiction as a money laundry: first, in cahoots with Rappo coercing
Rybolovlev to purchase this or that painting and then transferring part of the
money paid for the real estate to the common accounts
Nonsense, I did not open these accounts, was resenting Bouvier during the
interrogation, explaining that he never coerced Rybolovlev to deals: He would
ask me for a painting. I would sell it. I was not obliged to tell him the amount
which I purchased the painting for. It is market the price of the painting is one
you are ready to pay for it.
Several days afterwards, the court of Monaco decided to release Yves Bouvier on
10 million bail, and another letter from HSBC came to police where
information about Bouviers accounts was called not precise, stating that they
had mixed up Bouviers name with the name of Rappos husband. Submission
of that false document from the bank allowed to engage me in a legal action and
to bind legally Bouviers case with the jurisdiction of Monaco. This letter was
signed by the representatives of the bank who all suddenly made a mistake in
the name of my husband, says Rappo. Rumor immediately had it in Monaco
that the case was set up it had not happened in the Principality for a long time.
Within several months, Rybolovlev prepared a number of lawsuits in the courts
of those jurisdictions where Yves Bouvier was doing business. One of them, filed
in the Supreme Court of Singapore, seemed to be fruitful first: Bouviers assets
worth of 500 million, including free ports of Singapore and Luxembourg, were
seized. It became possible, because the so called Mareva Injunction was applied,
i.e. prohibition on any operations with property, levied on basis of a current
legal action in another jurisdiction. But the Appeal Court of Singapore
demanded that Rybolovlev should pay $ 100 million as a compensation of
possible inflicted damage. Bouvier claims that he plans to insist on getting a full
compensation for his losses which he is already assessing as several billion.
An interesting detail: Richard Mullo, who helped with the release of Bedzhamov
from Monaco jail, was acting as a legal advisor of Rybolovlev in the court of
Singapore.
The appeal authority reversed the judgement on seizure of Bouviers assets, but
the blow to his business was already hard. Just imagine that this information
[about the asset freezing] was passed by Rybolovlev to all worlds banks and
auction houses where I was always known as a decent businessman. The
turnover of my business fell by 95 % during one day. I am ready to bring all my
clients to the court as witnesses that they had to cease relations with me because
of these events, tells Bouvier.
He says that he is not only planning to get back his honest name and money
(including the indemnity with interest), but to also prove that the last word are
spoken by the justice, and not by Rybolovlev.


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