Spanish billionaire, Jaime Botin was sentenced to jail yesterday for using his superyacht to smuggle a Picasso painting out of the country
due to his shareholding in the Spanish banking group, Bankinter. However, his sentence will see him pay €52.4 million of his wealth as well as serve 18 months in jail for breaking a court order prohibiting the removal of Picasso'sThe painting has also been confiscated by the Spanish state, parting Botin from a further €26 million , which is the estimated value of the artwork.
However, Spanish authorities were tipped off and raided in the superyacht while it was anchored off the Corsican town of Calvi.Reina Sofia museum in Madrid, where it remains.... [+]AFP via Getty Images However, in 2015, the Spanish high court said the painting was of"exceptional importance" to the country as it was created in the Catalan village of Gosol when Picasso was still experimenting with cubism.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toothless Atletico beaten at tiny EibarAtletico Madrid's hopes of getting back into the Spanish title race faded e...
Read more »
Guns N' Roses Ex-Guitarist DJ Ashba Cuts Plea Deal in DUI CaseAshba was sentenced to 24 months of court-supervised probation and 30 hours of community service.
Read more »
How to Raise a Billionaire: Maye Musk on Where Elon Gets His DriveAn excerpt from Maye Musk's new book, 'A Woman Makes A Plan: Advice for a Lifetime of Adventure, Beauty, and Success.'
Read more »
Rihanna and Hassan Jameel Have Reportedly Broken Up After 3 Years of DatingRihanna And Her Billionaire Boyfriend Hassan Jameel Have Reportedly Broken Up After 3 Years Of Dating
Read more »
Rihanna and Hassan Jameel Have Reportedly Broken Up After 3 Years of DatingRihanna And Her Billionaire Boyfriend Hassan Jameel Have Reportedly Broken Up After 3 Years Of Dating
Read more »
Billionaires have more wealth than 60% of the global population, Oxfam saysThe world's 2,153 billionaires have more wealth between them than a combined 4.6 billion people, according to a study published Monday by Oxfam.
Read more »