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Displaying items by tag: breach of trust

One of Germany's best known art dealers has gone on trial on charges of defrauding the heirs to the Aldi supermarket empire of millions of euros.

Helge Achenbach is accused of falsifying accounts of artworks and classic cars he purchased on behalf of the Albrecht family, including paintings by Pablo Picasso and Roy Lichtenstein, and vintage Ferraris, Bentleys and Bugattis.

Prosecutors accuse Mr. Achenbach of more than 20 counts of fraud, as well as charges of forgery and breach of trust, in the trial in the western city of Essen, the court said in a statement. If found guilty, he faces up to ten years in prison.

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After losing a major court case, Russian oligarch Boris Berezovsky will sell a limited edition print of former Soviet Union leader Vladimir Lenin by Andy Warhol (1928-1987). Berezovsky hopes that the sale of Red Lenin (1987) will help him pay off legal bills stemming from the failed court case.

In 2011, Berezovsky brought a civil case in the UK High Court against Roman Abramovich, the owner of the Chelsea Football Club. Berezovsky was a former business associate of Abramovich’s and helped him acquire control of the Russian oil company, Sibneft, in the 1990s. Berezovsky accused Abramovich of blackmail, breach of trust, and breach of contract and claimed that he was threated and intimidated to sell his stake in Sibneft in 2011 for less than its actual value. Berezovsky was seeking $4.5 billion in damages.

Red Lenin will be sold as part of Christie’s Old Master, Modern & Contemporary Prints auction on March 20, 2013 in London. The brightly colored screen print is expected to garner $45,000 to $75,500.

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