August 25, 2010

Van Gogh worth $55 million goes missing in Cairo, video

Filed under: Art crime — Alan @ 5:08 pm

Police stepped up their search for a valuable painting which was stolen from a museum in Cairo. The painting taken was a Van Gogh original valued at approximately $55 million. The museum was reported to have had surveillance cameras and an alarm system but these were not functional.

The Mahmoud Khalil museum reported last Saturday that the “Poppy Flowers” was cut out of its frame.

Police say they are taking all means possible and are controlling the air and sea ports in order to grab a hold of the criminal. They are also interrogating the museum staff and have mentioned that state prosecutors have done the same as well.
A police officer told reporters that the cameras and alarm have long been out of order. Museum officials told them that they were trying to canvass some spare parts but haven’t managed to do so.
Abdel Meguid Mahmud, the prosecutor general, confirmed the allegations that the security at the museum was lax. He even called them inadequate and a facade. He says that only seven out of the forty three cameras are working. Even more surprising is that each painting has its own alarm but not one of them is functioning.
Mahmud also reiterated the need to increase the security in properties in Cairo. Last March 2009, nine paintings were stolen from a museum in northern Cairo called Ali Pasha’s palace.
Two Italians were reported to have been arrested on charges of trying to smuggle the painting out but the report was quickly withdrawn as it was said to be a result of inaccurate information.

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December 7, 2009

Italian police find Parmalat hidden masters

Filed under: Art crime — Alan @ 3:16 am

platItalian investigators made something of a coup this past weekend after repeated attempts to get at the assets from the Parmalat collapse, by seizing art and paintings valued at around £90m.

The works belonged to the group’s founder Calisto Tanzi.

The group has been nicknamed the Enron of Europe since its collapse in 2003 leaving behind debts that total up to 14 billion euro.  Parma police said they found the assets after a series of telephone intercepts were made.  One of the paintings discovered by police was about to be auctioned off.

The art included many famous works by Degas, Picasso, Gauguin, Van Gogh, and Cezanne.   The artwork was all found in homes of the Tanzi family’s friends.

Chief Parma prosecutor, Gerardo Laguardia, stated that they have had some suspicions about certain people for a while, which is why they tapped the phone lines.  After further investigation they found that one of the Monet’s was involved in negotiations for sale.

Parmalat was the largest corporate bankruptcy in Europe’s history.  Its founder, Tanzi, is serving his ten years in prison after sentencing last year for his part in the fraud.

The company came back from bankruptcy in 2005 and is not run by the administrator Enrico Bondi.

Bondi has been searching for the lost assets to repay debts since the collapse, while also going after international investment banks that had a role in advising the company on bond issues.

The fraud affected about 100,000 shareholders in Italy who lost their life savings.

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