• Switzerland's news in English
Former Novartis chief moved to Monaco: report
Daniel Vasella. Photo: AFP/File

Former Novartis chief moved to Monaco: report

The Local · 1 Nov 2015, 21:38

Published: 01 Nov 2015 21:38 GMT+01:00

Facebook Twitter Google+ reddit

Daniel Vasella, 61, resigned in early 2013 from the Basel-based pharmaceutical giant amid an outcry over a 75-million-franc severance package — later cancelled — in return for a promise not to work for a competitor for six years.

It was later reported that Vasella, upset about the treatment he was getting from Swiss media and politicians, moved to the United States but SonntagsZeitung reported online that the multi-millionaire had instead quietly relocated to Monaco.

In the Meditterranean principality, free of tax on income and wealth, Vasella acquired a 268-square-metre with a pool on the terrace and wine cellar in a 22-storey building, the newspaper said.

The apartment enjoys a view of Monaco’s old town, the palace of Prince Albert II and the sea, according to the report.

It is located in a luxury building with a spa, indoor pool, gym, sauna and steam room.

SonntagsZeitung computed the value of the apartment based on property prices in Monaco, quoted by real estate agent Savills, of €91,000 per square metre.

It noted that the cost would be no problem for Vasella, who walked away from Novartis with a share package worth 220 million francs, in addition to options worth 105 million francs.

Since 2013, the native of Fribourg has also been receiving 250,000 francs a year from Novartis for advisory services, a sum he will continue to get until the end of 2016, regardless of whether he actually provides any services, SonntagsZeitung said.

Four years ago Vasella transferred ownership of his 700-square-metre villa in Risch in the canton of Zug to his three daughters to ward off a threatened inheritance tax initiative.

The lakefront property is next to four parcels of land formerly owned by a Novartis subsidiary that has passed into Vasella’s possession.

He acquired the land after a dispute in which he and Novartis could not agree on the price, a disagreement that was settled by the Zug cantonal court, SonntagsZeitung reported.

Neither Novartis nor Vasella have revealed the price but reports have put it between 30 million and 40 million francs.

Vasella has not revealed what he plans to do with the property.

For more news from Switzerland, join us on Facebook and Twitter.

The Local (news@thelocal.ch)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Villagers asked to help fund bridge renovations
The bridge links the two villages of Veltheim (pictured) and Holderbank. Photo: Lutz Fischer-Lamprecht

The crowdfunding campaign by the two communes is the first of its kind in Switzerland.

Police discover body buried in Orbe house
File photo: Bas Leenders

Police have opened an investigation after finding a body buried in a house in Orbe, in the canton of Vaud, on Saturday.

Valais shaken by 4.2 magnitude earthquake
The earthquake hit in the canton of Valais near Sierre. Photo: Alain Rouiller

It's the biggest earthquake to hit the country for two years.

Swiss Indoors kicks off without champ Federer
Federer celebrates with ball girls and boys after winning the event in 2015. Photo: Harold Cunningham/Pool/AFP

Stan Wawrinka is top seed as injured Federer sits it out.

IOC hires Russian doping whistleblower as consultant
IOC President Thomas Bach confirmed the news. File photo: Fabrice Coffrini/AFP

The International Olympic Committee (IOC) has hired Vitaly Stepanov as a consultant and is helping his runner wife Yuliya.

‘Scary clown’ craze hits streets of Zurich
Photo: Pedro Pardo/AFP

Police in Zurich have warned so-called ‘scary clowns’ that they could face charges, following a number of incidents in the city.

VIDEO: driver chases runaway car on Swiss motorway
Image: Neuchâtel police

Shocking footage shows the moment a man dodged lorries to chase after his runaway car on a Swiss motorway.

Saas-Fee crowdfunds low-cost season ski pass
Saas-Fee is hoping to attract 99,999 season pass holders. Photo: Denis Emery/Photo-genic.ch

Skiers could get their hands on a whole season pass for just 222 francs ($223) in the Swiss resort of Saas Fee this winter – if enough people want one.

Swiss billionaire fined for dodging import tax
Urs Schwarzenbach owns the luxury Dolder Grand hotel in Zurich. Photo: Wilhem Rosenkranz

Urs Schwarzenbach faces a $4 million fine for failing to properly declare some 200 artworks imported into Switzerland.

Muslim woman wins headscarf court battle
Photo: Jack Guez / AFP

A Swiss court has ruled against a company that fired a longtime employee after she began wearing the Muslim headscarf.

Photo: Richard Juilliard/AFP
Man makes Geneva airport bomb threat ‘for a joke’
Sponsored Article
Last chance to vote absentee in the US elections
Photo: AFP
Solar Impulse team reveals plans for unmanned plane
File photo: Martin Abegglen
Swiss to vote on passport rules for 3rd gen foreigners
Photo: AFP
Swiss wingsuit hotspot Lauterbrunnen won’t impose ban
Photo: Swiss Tourism
Six reasons Switzerland isn’t as boring as you might think
Photo: Swiss Tourism
Report: Switzerland one of world’s best places for girls
Photo: The Local
Thief returns Swiss cow bells worth thousands
File photo: Wikimedia Commons
One in three rapists isn’t locked up: statistics
Photo: activistin.ch
Tampon-tax protest turns Zurich fountains red
Photo: AFP
Geneva police to lift ban on bearded officers
Photo: Marcel Gillieron/AFP
Suicide chef’s restaurant keeps Michelin stars
Photo: Lara de Salis
11 things the Swiss get tired of hearing abroad
Photo:  Ivo Scholz/Swiss-image.ch
Survey: expats in Switzerland have money but few friends
Photo: AFP
Swiss press criticize Bern’s 'capitulation' on immigration
Photo: Jura Trois Lacs tourism
German ex-policeman is Swiss city’s new hermit
Photo: Dmitry A. Mottl
Ticino votes to favour local workers over foreigners
Photo: file
Some deodorants could cause breast cancer: Swiss study
Photo: Royal Savoy
In pictures: Inside the latest Swiss luxury hotel
Photo: AFP
Geneva airport bomb hoaxer faces 90,000-franc bill
Photo: Schaffhausen police
Mother leaves toddler son alone in car to go clubbing
Photo: Fabrice Coffrini/AFP
Swiss populist attacked by knife-wielding pensioner
jobs available