Strange the stories that get attention, and stranger still those that don’t.
The IT carried a very disturbing report yesterday by Gretchen Friemann into massive loans AIB gave to a Greek fraudster, Achilleas Kallakis, who is under investigation by the British Serious Fraud Office. AIB claim they sufferedly only a relatively small loss – £56 million - and this was because AIB took control of the properties and sold them on to Green Property.
The mystery is the price Green Property is supposed to have paid for these properties.
Green Property bought the properties in November 2008 when the British property market was in crisis - commercial property values in the UK were estimated to have slumped by 35.5 per cent from their summer 2007 peak. Bizarrely, however, land registry documents show a number of Kallakis’s assets were sold on by AIB for roughly the same price Kallakis had paid at the height of the boom.
I don’t know what this all means but something stinks and I have a sinking feeling it will end up with the taxpayer. But no-one is reacting in the media or on the blogs.