Court confirms multi-million fine for Zurich hotelier Schwarzenbach

The art collector and financier Urs E. Schwarzenbach has been finally sentenced to pay a fine of around CHF7.1 million for large-scale VAT evasion. The Federal Supreme Court dismissed his appeal.

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The appeals of Schwarzenbach’s lawyer and the co-owner of Galerie Gmurzynska were also rejected. In a decision published on Thursday, the Federal Supreme Court confirmed the fine of around CHF1.4 million for the gallery owner.

Only the lawyer’s fine was reduced from CHF2 million to CHF1.8 million. The gallery owner and lawyer must also pay the unpaid VAT of CHF7.7 million and CHF4.8 million respectively, whereby they are jointly and severally liable for these amounts. Schwarzenbach has paid his share.

The Federal Supreme Court confirms the findings of the Zurich High Court, according to which the three convicted persons applied an unlawful procedure when importing works of art from the Hotel Dolder owner (Schwarzenbach) between 2008 and 2013.

Translated from German by DeepL/mga

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