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Spanish billionaire for allegedly trying to smuggle  Picasso

Spanish billionaire for allegedly trying to smuggle  Picasso

MADRID: In the ongoing legal case against Spanish billionaire Jaime Botín, who’s accused of smuggling a Picasso out of Spain, the prosecutor has requested a four-year prison sentence and a €100 million fine against the heir and collector, a member of Spain’s most successful banking family.

Botín is the owner of an early painting by Pablo Picasso, Head of a Young Woman (1906), which was seized by French authorities in the summer of 2015 from a yacht docked in Corsica and registered to a company of which Botín is the major shareholder.

The €26 million painting was declared a cultural treasure by the Spanish National Court in May 2015 and had been refused an export permit prior to the seizure.