Frontman accused of creating the illusion of wealth
Published 18/10/2011 | 05:00
Achilleas Kallakis created the illusion that he was vastly wealthy and a successful businessman to AIB and Lloyds to secure massive loans.
While he is the nephew of a Greek shipping magnate, Lou Kollakis, he came from a modest background which the court heard bore little relation to his claims.
His father worked as a port captain and once ran an unsuccessful nightclub in Liverpool. Mr Kallakis previously worked in a travel agency and had other small businesses, none of which were particularly successful, the court heard.
He got involved in a series of property deals with his close friend Alexander Williams, who the court heard is a businessman and financial consultant, well-versed in computer skills. Mr Williams also uses four other names: Martin Alexander Lewis, William Alexander Martin, Oliver Lewis and Steve Williams.
The Serious Fraud Offices (SFO) claims the two men worked hard to give the false impression to the banks that Mr Kallakis was the owner of Oregon Finance Corporation, a large offshore-incorporated business with shipping interests.
The SFO told the court that Mr Kallakis was the "frontman" describing him as "confident, assertive, and on occasion arrogant". Mr Williams, it said, was "self-effacing, quiet and unassuming" and was a "versatile and prolific forger".
The pair were involved in a series of transactions with Bristol and West building society, which was formerly part of Bank of Ireland, that were very similar to the alleged offences they are now accused of, the court heard.