Convicted property con man Achilleas Kallakis has been ordered to pay £3.3m or face another seven years in prison.
At Southwark crown court, Kallakis was told to pay the confiscation order within six months or serve a default sentence.
The fraudster and his business partner Alexander Williams were found guilty on 17 January 2013 of obtaining £740m in loans from Allied Irish Bank between 2003 and 2007 to buy 16 properties, using deception and forged guarantees purportedly signed by Hong Kong-listed Sun Hung Kai Properties.
They were also found guilty via the Serious Fraud Office investigation of conspiracy to defraud Bank of Scotland.
In May last year Kallakis had his seven-year sentence increased to 11 years, and Williams saw his five-year term rise to eight years.
The latest confiscation order follows days of behind-closed-doors legal wrangling between lawyers representing Kallakis and the prosecutors. Williams was last week ordered to pay back £477,474 within six months.
Mark Thompson, head of the SFO’s Proceeds of Crime Division, said: “The SFO is committed to ensuring that fraudsters do not retain the benefit of their crimes. Following a lengthy and challenging confiscation investigation by the Proceeds of Crime Division, the court has made a substantial order against Mr Kallakis.
“We will take steps to make sure the order is satisfied within the period set by the court but if he does not pay, he faces a further lengthy term of imprisonment.”
joanna.bourke@estatesgazette.com
