The biggest single fraud on an Irish bank - but who cares?

Some more info here that is relevant to this: … valuation/

I’ve been following this for some time now and it looks to me like AIB have committed a fraud against Kallakis - maybe not in the eyes of the law but certainly commercially and ethically. It also looks like they totally screwed their own shareholders and here’s why: look at their shareprice when they apparently discovered the fraud … they were on the verge of bankrupcy, literally hours or days from total collapse. Stockmarket regulations require any public company to make an announcement if there is any “material factor or event that may influence or directly cause the shareprice of the company to change materially.” Why didn’t AIB make an announcement ? And, why did they wait so long to report it to the authorities? Sounds to me like they were trying to get the best of all worlds and probably were trying to blackmail Kallakis into making good the loans, whatever that took. When he didn’t, I guess it was then that they pulled the plug on him. And why hasn’t the department of commerce in Ireland opened up an investigation into AIB? CRONYISM. The current government appears to be even more corrupt than the banks, trying to protect their positions and bonuses more than the interests of the shareholders.

Has anyone figured out yet if Green even bought the properties? Market chitter-chatter is that AIB ultimately own them one way or another and stand to make £100s millions of pounds from them. Looking through the press … they could be on target for a £500 million profit and with the way they’ve handled the Kallakis portfolio, they won’t have to give a pound of it to him that they would in a normal repossession. But from what I hear, he is not to be underestimated and it wouldn’t surprise me to see a massive lawsuit against AIB and its directors. Again, it looks to me like he has been made a scapegoat for the bank… he is the only non-Irishman to have a big problem with AIB yet his was the portfolio that lost the least EVEN WITH THE SO-CALLED FRAUD!!! I heard that his borrowing was 700 million so if AIB only lost £56 million, that’s an 8% loss. But today that alleged loss is only probably 1%, if not in profit. All the beloved Irish developers cost the bank closer to 60%. Doesn’t make sense does it?

Banks must come clean on accounting → … 47221.html … s-plc.aspx

Green Property will make 50 Million Euro out of this debacle. Sweet deal when the taxpayers guarantees that your capital is never at risk. :money_mouth_face:

The Sunday Times are the only media reporting this. Oh look, that lady fell off a swing!

There may be another twist to this saga.

The son is now claiming the properties were held in trust for him and that AIB

caused loss by repossessing the properties, or seizing control of the SPVs, or by making false and/or negligent misrepresentations to gain control of the SPVs and the properties.

He also alleges that AIB sold the properties without legal authority, and that it breached a duty to obtain the best possible price for them.