Kallakis charged with fraud over AIB loans

The former owner of India Buildings in Liverpool's Water Street appeared in court on Monday charged with 23 offences including alleged £61m frauds against Allied Irish Bank and Bank of Scotland.

Achilleas Kallakis appeared at the City of London Magistrates Court charged with alleged property loans frauds against AIB worth £56m, and an alleged shipping loan fraud in relation to Bank of Scotland of around £5m.

Kallakis, who changed his name from Stefanos Kollakis, and business partner Alexander Williams, formerly known as Martin Lewis, were charged with conspiracy to defraud, forgery, fraud by false representation, money laundering, and obtaining a money transfer by a deception.

The Greek shipping tycoon's Pacific Group sold 350,000 sq ft India Buildings at the start of 2009 as part of a portfolio of 12 assets to Green Property, owned by Irish investor Stephen Vernon.

Pacific acquired India Buildings in 2004 for £45m, a record property transaction in Liverpool at the time.

The case will continue at Southwark Crown Court on 4 May. Kallakis and Williams deny all charges.

Your Comments

Read our comments policy here