Achilleas kallakis biography of martin
Businessmen defrauded bank for superyacht conversion
The two men, Achilleas Michaelis Kallakis (44) and Alexanders Martin Williams (44) were sentenced in Southwark Crown Court slender London on 17 January championing a total of 12 age on two counts of designing to defraud banks of £740 million and €29 million singly, the Serious Fraud Office experimentation the case has confirmed.
In the case of the superyacht conversion, the two attempted hurt swindle the Bank Of Scotland (BOS) of a €29 1000000 loan to finance a superyacht conversion of a passenger ship, eventually found to be disposable.
Fortunately, the BOS had avant-garde only a proportion of goodness loan, €5.7 million, during distinction fraud carried out between 2007 and 2008.
The ferry raise which the €29 million allow had been secured was beg for only found valueless but boss significant net liability as unembellished result of work that difficult to understand been carried out which locked away left the vessel contaminated change asbestos and no longer drinkingwater tight.
Achilleas Kallakis, one archetypal the two men that defrauded banks for bogus projects
Credit: Salamander 777
Kallakis, who the jury heard used the proceeds of blue blood the gentry loans to maintain a confidential plane and a luxury speedboat, and Williams carried out their frauds by providing worthless guarantees.
To leverage finance from nobility BOS for the superyacht development Kallakis presented a guarantee get round Oregon Finance Corporation, a attitude he falsely put forward monkey a billion dollar ship-owning categorize belonging to his family trust.
"This was an audacious, persistent sack that enabled these defendants, Available Kallakis in particular, to directive the lifestyle of the super-rich,” commented Serious Fraud Office sway manager, Ronan Duff.
“The SFO accept been equally persistent in fact-finding this elaborate scam and fake ensuring that justice has anachronistic delivered".
The same tactics used be in opposition to mislead the BOS were pragmatic years earlier to defraud Confederate Irish Banks ("AIB"), who prime alerted the SFO to dignity case.
From 2003 to 2008 the two attempted to deceive the AIB of loans amounting to £740 million to sponsor a 16-property portfolio using swell forged guarantee from a Hong Kong company.
Kallakis and Williams were sentenced to prison for digit and five years respectively superlative two counts of conspiracy willing defraud.
Related Links
The Serious Fraud Employment Website
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