Monaco ousts billionaire Rybolovlev over corruption scandal

Monaco ousts billionaire Rybolovlev over corruption scandal
Dmitry Rybolovlev

Perm billionaire Dmitry Rybolovlev, who owns the Monaco Football Club in the eponymous principality, has been in the midst of a corruption scandal.

According to Journal du Dimanche, Dmitry Rybolovlev, who invested 300 million euros in the development of his Monaco FC, might be forced to leave Monaco, as the authorities of the principality declared him persona non grata. Last Friday, September 22, the Monaco Prosecutor's Office initiated a lawsuit on bribery of officials and high-ranking police officers against Rybolovlev. 

Prince Albert II of Monaco and a number of high-ranking officials have broken all contact with the Permian billionaire.

According to media reports, the recent reports about their friendship with Rybolovlev have entailed the resignation of the local Justice Minister Philip Narmino. The official was taken into custody after law enforcement bodies had established that he had been receiving bribes and gifts from Rybolovlev. In addition, the minister had been a frequent visitor at the Swiss residence of the Russian billionaire.

Rybolovlev and his immediate circle have put a lot of pressure on the investigative authorities and the police of Monaco, it is said. They attempted to send the detectives on the wrong track while they were investigating the case against the Swiss art dealer Yves Bouvier, who had sold about 40 paintings by famous artists to the billionaire at unreasonably inflated prices.

As for Rybolovlev himself, he is in Los Angeles at present. We cannot say whether he intends to come back to Monaco from his vacation. Meanwhile, he has repeatedly and unsuccessfully tried to get Monégasque citizenship.

Forbes listed the Permian oligarch among the twenty richest people in Russia for the last few years. He used to be the owner of Uralkali before he sold his stake in 2010 and moved to Monaco. He invested his money in a football club there and now Rybolovlev is worth about 7.3 billion dollars.

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