The yacht of the president of Volvo seized by Customs in Palma
The yacht owned by Volvo president Carl-Henric Svanberg is stranded at the Club de Mar for weeks after it was seized by Customs.
When the 34-meter long yacht Cygnus Montanus entered the European Union, it was immediately subject to a series of regional duties and taxes.
Owners often register boats in Malta to minimize fees incurred upon entry to the EU.
A bitter dispute over the amount owed has raged for weeks between Svanberg and Customs, and the ship cannot be moved until it is resolved.
“Cygnus Montanus” was designed by German Frers and built by Yachting Developments in New Zealand in 2016. She has undergone several modifications since then, which has raised questions about the current value of her.