Brazilian collector Bernardo Paz is acquitted in the case on money laundering
ARTinvestment.RU   02 марта 2020

The founder of the Institute of contemporary art Inhotim — the main development centre street-арта in Latin America — is now a free man

In 2017, Bernardo Paz and his sister, Maria Virginia was found guilty in misappropriation of $95 million endowment. According to investigators, the funds were deposited to the accounts of the Institute Inhotim, as well as a number of the enterprises included in privately held metallurgical conglomerate Itaminas. Patrons of the arts was sentenced to nine years imprisonment (Bernardo) and five years of house arrest (Maria Virginia). However, in late February 2020, it became known that the sentence was cancelled. A Federal appeals court in the Brazilian capital of Brasilia issued a unanimous decision that exempts Bernardo Paz and his sister of all charges.

"I am glad that the truth has triumphed and I'm officially justified. Now I hope to be able to focus on things that are really important for me: for their companies and art", — stated Pas 27 Feb 2020 portal ARTnews. According to the lawyer of the collector, the evidence presented by the state prosecution, was insufficient.

the Collection of Bernard Pass includes works by Chris burden, Doug Aitken, Matthew Barney, Olafur Eliasson, Robert Irwin and David Lamelas, as well as a large collection of Brazilian artists including Tunga, Lygia Dad, Helio Oiticica, Sealed Meireles, and Valeska Soares, Rivan Neuenschwander etc. Most of the collection is kept in the halls of the main band Pass — Institute Inhotim, a unique complex with an area of about 8 square kilometers, which combines the areas of wildlife reserves, buildings, which houses the personal collection of the Pass and many of the pieces lend-арта and street art. Later this year in the spaces of the Institute Inhotim plans to open a new pavilion Yayoi Kusama.

Source: artnews.com



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