AIB: Tycoons’ loans ‘had guarantees’

The purported guarantees from a Hong Kong developer was “significant”, AIB said, in fuelling its decision to loan money to property tycoon Achilleas Kallakis and Alexander Williams.

The pair are accused of alleged fraud of over £60m (€75m) against AIB and Bank of Scotland. They have pleaded not guilty to 23 counts.

Speaking on the fourth day of a retrial, Micheal Cooke, a former member of AIB’s team which was based in London and advised Kallakis, said: “We took additional comfort from the Sun Hung Kai Properties (SHKP) guarantees.”