AIB ‘duped’ into lending £740m

AIB was duped using “dishonest means” into lending £740m (€922m) to London property tycoon Achilleas Kallakis and his business partner Alexander Williams, jurors heard at Southwark Crown Court, London.

The duo are accused of fraud of over £60m against AIB and Bank of Scotland (BoS). They have pleaded not guilty to 23 counts, including conspiracy to fraud.

Prosecuting counsel for the Serious Fraud Office, Victor Temple, told the court £740m from AIB was advanced to firms directly or indirectly controlled by the accused, to purchase 16 buildings in Britain between 2003 and 2008.