Greek tanker owner guilty of using ‘pirates’ in insurance fraud
Marios Iliopoulos used an elaborate but ultimately unsuccessful ‘ruse’ to try and get a $77m insurance payout
London — A Greek ship owner orchestrated a plan for men posing as pirates to attack and set fire to his tanker, in an elaborate fraud to seek $77m in insurance money, a London judge has found.
In 2011, Marios Iliopoulos lured the ship’s master and chief engineer, as well as seven Yemeni coast guards, into a conspiracy off the coast of Yemen still being investigated by the City of London Police, judge Nigel Teare ruled on Monday. Drawing a line under years of legal battles, the judgment dismissed a claim by Suez Fortune Investments, a company linked to Iliopoulos, and its Greek bank to force a syndicate of insurers to pay out...