Spanish billionaire Jaime Botin has been sentenced to 18 months in jail for trying to smuggle a Picasso painting out of the country. Botin, 83, part of the Santander banking dynasty, was convicted by a court in Madrid on Thursday and fined more than $58 million.
Though Botín owned the 1906 painting “Head of Young Woman,” it is considered a national treasure and therefore it cannot leave Spain without permission.
The work, which is valued at $28 million, was discovered in 2015 on board the billionaire’s luxury yacht off the French island of Corsica by French authorities.
Prosecutors accused Botín of taking the painting out of the country despite a high court in 2015 having called the painting “unexportable.” He was denied a permit to remove it from the country due to its historical and cultural value.
Read the full story on CBS News