Tag: Tabacalera

  • Spain’s Supreme Court Takes Royal Portraits from Altadis

    Spain’s Supreme Court Takes Royal Portraits from Altadis

    Spain’s Supreme Court ended a nine-year legal dispute by ruling that two royal portraits painted in 1789 by Francisco Goya belong to the Spanish state rather than tobacco company Altadis, according to Reuters.

    The portraits, depicting King Charles IV and Maria Luisa of Parma, were originally commissioned by the Royal Tobacco Factory of Seville to commemorate the king’s coronation. Over more than two centuries, the factory’s operations passed through various commercial entities, including Tabacalera, which became Altadis in 1999 and is now owned by Imperial Brands. During that time, the paintings were displayed in company offices.

    Altadis filed suit in 2017, asking for a declaration of ownership, claiming that uninterrupted custodianship established ownership. However, the court determined that the artworks were part of the Crown’s patrimony from the outset and later transferred to the modern Spanish state. While companies operating the tobacco business were permitted to display the portraits for decorative purposes, ownership was never transferred.

    Altadis said it disagrees with the substance of the ruling but will comply. The decision is final and cannot be appealed.

  • Habanos S.A. Co-Owner Extradited to China

    Habanos S.A. Co-Owner Extradited to China

    Billionaire businessman Chen Zhi was extradited by Cambodia to his native China following his arrest over an alleged multibillion-dollar cryptocurrency scam tied to human trafficking and forced labor, a case underscoring growing regulatory and enforcement risks across Southeast Asia’s consumer and logistics sectors. Cambodian authorities said Chen and two other Chinese nationals were detained yesterday (January 6) after a months-long transnational investigation and handed over to Chinese officials.

    Chen Zhi is believed to have extensive ties to the cigar and tobacco industry, owning or having owned stakes in companies such as Habanos S.A., Tabacalera USA, Tabacalera S.L., Tabacalera de García, and La Flor de Copán, among others, either directly or through shell corporations.

    U.S. prosecutors previously charged Chen Zhi with orchestrating global online scams from Cambodia, leading to the seizure of roughly $14 billion in bitcoin, one of the largest financial crackdowns on record. His business empire, Prince Group—previously sanctioned by the U.K.—has denied involvement in scams.