Billionaire and art collector Urs Schwarzenbach is convicted of VAT fraud by the Supreme Court of the canton of Zurich (archives).
Photo: KEYSTONE/WALTER BIERI
Billionaire and art collector Urs Schwarzenbach has been fined 4 million francs for VAT fraud by the Supreme Court of the Canton of Zurich. This is the third time that this court has ruled on this case.
The Zurich financier and owner of the luxury hotel Dolder has been involved for years in numerous disputes linked to the import of works of art. In 123 cases, he did not declare the import of the works at all and in 27 other cases, he deliberately underestimated their value.
According to the Federal Office of Customs and Border Security (OFDF), the State thus lost around 3.7 million francs in import taxes. In its judgment made public on Wednesday, the Zurich Supreme Court set the fine at 4 million francs, thus confirming the judgment of the Bülach District Court (ZH) rendered in May 2018.
/ATS
