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Court increases fines against Swiss art collector

Schwarzenbach (left) leaving a court building back in 2017. © Keystone / Walter Bieri

A court in Zurich has rejected an appeal by the renowned Swiss art collector and financier Urs Schwarzenbach in two cases of tax evasion in connection with the import of works of art.

The court also decided to increase from CHF8.5 million ($8.5 million) to 9.6 million the fines compared with a previous court verdict, it was announced on Monday.

Judges also massively increased the fines against Schwarzenbach’s lawyer.

It is the latest stage in legal proceedings which began about eight years ago, against the billionaire financier and five-star Dolder Grand hotel in Zurich.

The Zurich appeals court had to review the two cases and set the amount of the fines following a decision by the Swiss Supreme Court.

The 74-year old Schwarzenbach claimed in court that the statute of limitations should apply.

Both the customs authorities and the Schwarzenbach announced they will take the case again to the Federal Court.

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