TWO men have been found guilty of masterminding a €920m fraud against AIB over five years.
Achilleas Kallakis and Alexander Williams were found guilty following a four month trail and have been told to expect a prison sentence when the return to court tomorrow morning.
The pair, both of whom are 44, used faked rental guarantees to secure 16 loans from AIB between 2003 and 2008 to buy some of the most high-profile real estate in London.
The verdicts - they were also found guilty of fraud charges against Bank of Scotland relating to a loan to renovate a yacht - mark the end of a 16 month case during which the first trial collapsed.
Kallakis was once known as one of the most high profile investors in the city of London and also ranked as one of AIB’s biggest customers during the boom years.
The six men and six women of the jury returned to court following almost three days of deliberation to return the unanimous verdict.
The pair used fake rental guarantees from a reputable Hong Kong property firm - Sun Hung Kai Properties (SHKP) - to secure the loans from AIB.
The bank carried out checks on the guarantees five years after it first came in contact with Kallakis when it emerged that both men had been convicted of conspiracy to commit forgery related to the sale of false honours to unsuspecting Americans.