Swiss hotel owner Urs Schwarzenbach has been fined 4m Swiss Francs for illegally bringing art works into the country. His lawyers plan to appeal according to this report:

The billionaire and foreign exchange trader Urs. E. Schwarzenbach have illegally imported into Switzerland, including works by Picasso and Matisse – an estimated value of more than 130 million Swiss francs. And he is said to have lost ten million Swiss VAT. It is the largest known case of art smuggling in Switzerland.

For this, Schwarzenbach, majority shareholder of the Zurich luxury hotel Dolder Grand, is now to pay a fine of four million Swiss francs. The top customs office of Bern held this at the beginning of October, as the “NZZ am Sonntag” and the “SonntagsZeitung” write.

Schwarzenbach apparently accepted the additional payment of the ten million Swiss francs VAT.
However, he lodged a complaint against the pronouncement and the busses at the Bezirksgericht in Zurich. His London attorneys expect acquittals across the board.