Brazilian Collector Bernardo Paz Has Money Laundering Conviction Overturned on Appeal
Bernardo Paz, the Brazilian mining tycoon and creator of the Inhotim sculpture park, has successfully overturned his 2017 conviction for money laundering. The appellate court determined that the laws utilized for his prosecution were established in 2013, while the purported transfers of $98.5 million took place between 2007 and 2008. Initially sentenced to nine years and three months in prison, Paz stepped down as president of the Inhotim foundation following his conviction. The public prosecutor has the option to contest this decision. In 2017, the Minas Gerais government confiscated 20 artworks from Inhotim to address Paz's tax obligations. A 2018 investigation by Bloomberg Businessweek claimed that underage workers were employed at Paz's charcoal firm, Replasa, which the company refutes. Inhotim, founded in 2004, showcases works from various artists.
Key facts
- Bernardo Paz's 2017 money laundering conviction was overturned on appeal.
- The conviction was quashed because the laws used were not in effect during the 2007-2008 transfers.
- Paz was accused of moving $98.5 million from an Inhotim donations account to another company.
- He received an original sentence of nine years and three months.
- Paz resigned as president of the Inhotim foundation after his 2017 conviction.
- The Minas Gerais government seized 20 artworks from Inhotim in 2017 for tax debts.
- The public prosecutor may appeal the overturning of the conviction.
- Inhotim is a 2,000-hectare sculpture park founded by Paz in 2004.
Entities
Artists
- Bernardo Paz
- Chris Burden
- Olafur Eliasson
- Doug Aitken
- Vik Muniz
- Anish Kapoor
- Dan Graham
- Adriana Varejão
- Hélio Oiticica
- Matthew Barney
- Yayoi Kusama
Institutions
- Inhotim
- Inhotim foundation
- Bloomberg Businessweek
- Replasa
Locations
- Brazil
- Belo Horizonte
- Minas Gerais