Le Freeport, Singapore’s maximum-security vault dubbed Asia’s «Fort Knox», is reportedly for sale amid a five-year legal spat with a Russian billionaire.
Le Freeport has been seeking a buyer since as early as 2017 after it was launched in 2010 by owner and Swiss art dealer Yves Bouvier for around $74 million on Singapore government land with direct access to Changi Airport runways, according to «Bloomberg» reports.
The facility was originally expected to bolster Singapore’s status as a wealth management hub but China’s clampdown on luxury spending and bank exits from the physical commodity business since 2014 has hurt the business.
According to filings to Singapore’s Accounting and Corporate Regulatory Authority, Le Freeport had accumulated losses of $13.5 million. Spokespeople at Le Freeport declined to comment on whether or not the business was for sale.
$1 Billion «Overcharged»
Market headwinds aside, the firm’s ongoing legal battles with Russian billionaire Dmitry Rybolovlev have also placed it in unwanted spotlight.
Rybolovlev alleges that Le Freeport overcharged him by about $1 billion for dozens of artworks by creators including Gustav Klimt and Rene Magritte. The legal battle continues in multiple jurisdictions including Monaco, Paris, New York, London, Geneva, and Singapore. In early 2017, Bouvier had claimed that the ongoing conflict with Rybolovlev has cost him nearly $1 billion in lost business.
