Luxury yacht owned by the president of Volvo seized by Customs in Palma

When the luxurious 34 metre long ‘Cygnus Montanus’ sailed into the European Union, it was immediately subject to a series of tariffs and regional taxes.

Owners usually register boats in Malta to minimise the fees incurred on entry to the EU.

A bitter dispute over the amount of money owed has dragged on for weeks between Svanberg and Customs and the boat can’t be moved until it’s settled.

‘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 her current value.

Carl-Henric Svanberg was one of the architects behind the take-off of Securitas Direct in the 1990s; he later moved to technology firm Ericson, then became Chairman of the oil company BP. Five years ago he was appointed Chairman of Volvo.

If he is unable to resolve the issue of taxes owed, the case may end up in court.