Swiss billionaire fined for import artwork illegally

Swiss authority fined billionaire US$4million to declare 200 artworks into Switzealand.

Swiss Financier Schwarzenbach fo years now has been bringing precious artworks into Switzearland without declaring them to customs officials.

Swiss customs authorities opened an investigation in 2012. Probe finalized this month that the billionaire dodged duties worth 10 million Swiss francs equal to US$10million which he ordered to repay along with fine of 4million franc (US$4million).

Schwarzenbanch said to agreed to repay 10 million franc.