ART DEALING DYNASTY IN £400M FRAUD TRIAL
ONE OF France’s most prominent art dealers, Guy Wildenstein, 70, went on trial this week accused of storing a large portion of his inherited fortune in tax havens such as the Bahamas and the Cayman Islands. If found guilty on charges of tax evasion and money laundering, he could face 10 years in prison. The French-American dealer and his relatives are also being asked to settle a tax bill of 550 million euros (£400m). The vast wealth of the family came to the notice of French authorities when two relatives’ widows claimed that they had been cheated out of their inheritances. To make matters worse, one of the widows, Jocelyn Wildenstein, revealed the extent and whereabouts of her former husband’s estate.