Former Bankinter SA Chairman Jaime Botín has been sentenced to 18 months in prison and fined €52.4 million for smuggling a Pablo Picasso painting out of Spain, El Economista reported.

Botín, the brother of the late Banco Santander SA Executive Chairman Emilio Botín and uncle of current Executive Chairman Ana Botín, owned the painting, but it was seized from his yacht in Corsica after he took the painting out of Spain despite a court ban, the Jan. 16 report noted. The painting, according to the Spanish state, could not be removed from Spain because of its cultural significance.

The 1906 painting, titled "The Head of a Young Woman," is now in the custody of the Reina Sofia Museum. It is valued at €26.2 million.