Madrid: An 83-year-old former Spanish bank chairman has been fined €52 million ($84 million) after being convicted of smuggling a Pablo Picasso painting abroad after it was designated a national treasure.

Jaime Botin, the ex-chairman of Bankinter, was also given an 18-month prison term on Thursday but he is unlikely to serve it due to his advanced age and his status as a first-time offender.

The seized painting, Head of a Young Woman, by Pablo Picasso. Credit:French Customs Office

The case stemmed from the seizure of Spanish master Picasso’s Head of a Young Woman, a 1906 painting valued at €26 million, from Botin’s yacht during a search by customs officials on the French island of Corsica in 2015.

Spanish prosecutors accused Botin of trying to sell the painting, depicting a woman with sharp features and long black hair, in defiance of a ban on exporting an artwork of cultural significance for Spain.

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