Banker fined $84 million for smuggling Picasso portray out of Spain

Madrid: An 83-year-old former Spanish financial institution chairman has been fined €52 million ($84 million) after being convicted of smuggling a Pablo Picasso portray overseas after it was designated a nationwide treasure.

Jaime Botin, the ex-chairman of Bankinter, was additionally given an 18-month jail time period on Thursday however he’s unlikely to serve it as a consequence of his superior age and his standing as a first-time offender.

The seized painting, Head of a Young Woman, by Pablo Picasso.

The seized portray, Head of a Younger Lady, by Pablo Picasso. Credit score:French Customs Workplace

The case stemmed from the seizure of Spanish grasp Picasso’s Head of a Younger Lady, a 1906 portray valued at €26 million, from Botin’s yacht throughout a search by customs officers on the French island of Corsica in 2015.

Spanish prosecutors accused Botin of making an attempt to promote the portray, depicting a lady with sharp options and lengthy black hair, in defiance of a ban on exporting an paintings of cultural significance for Spain.