Yves Bouvier steps down from Le Freeport governance

Le Freeport Luxembourg

Swiss businessman Yves Bouvier has announced that he is to step down from active involvement in the governance of Le Freeport, a freeport in Luxembourg, in order to dedicate more time to his defence against accusations of fraud.

To make up for the temporary loss of Bouvier, the founder of and main investor in Le Freeport, several independent directors are to join the management of the company, whose names are to be announced shortly. Bouvier, who recently was accused of defrauding Russian billionaire and president of AS Monaco Dmitry Rybolovlev by over-estimating the prices of artworks, has denied the charges against him. Le Freeport stated that they have nothing to do with the matter, maintaining that the accusations are damaging the good name of the “successful swiss businessman” who “enjoys an excellent reputation”. The group also stated that “the judicial tide is now turning in his favour”.