Billionaire Jaime Botín Sentenced To 18 Months imprisonment And A $58M Fine For trafficking A Stolen Painting

Spanish billionaire artwork collector Jaime Botín has been in bother relating to a Picasso portray entitled Head of a Younger Girl. The portray was seized aboard Botín’s yacht again in 2015, after authorities alleged he was trying to smuggle the work out of Spain as a way to promote it in London. And now, the BBC stories that he is been sentenced to 18 months in jail and a $58 million tremendous.

In Spain, it is a crime to take any piece of artwork greater than 100 years outdated (the portray dates again to 1906) and which qualifies as a nationwide treasure overseas with out declaring it. Botín bought the portray in London again in 1977 and had already requested permission to take it out of Spain, and was denied. In court docket he argued he was taking the portray into Geneva to retailer it there, and in addition that the portray was not really a rightful Spanish nationwide treasure because it had solely been on Spanish territory for about six months since he purchased it greater than 40 years in the past.

Botín nonetheless has the choice to enchantment the sentence, which he reportedly may do, nevertheless it’s additionally unlikely he’ll truly seen any jail time due to a legislation in Spain that often suspends jail sentences for first-time, non-violent offenders. Along with the tremendous, nonetheless, he was additionally required to forfeit the Picasso, which was confiscated by the Spanish authorities (the photograph above reveals it being siezed by authorities) and donated to Madrid’s Reina Sofia artwork museum. And that is additionally not Botín’s first brush with Spanish authorities – again in 2010 he settled up with the federal government for almost $1 million after allegedly hiding monetary property as a way to keep away from taxes.

Botín is the grandson of the founding father of the Santander financial institution, an establishment which he served as vice chairman till his retirement in 2004.

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