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Constructive tanker loss was an insurance fraud
A Greek shipowner orchestrated a plan for men posing as pirates to attack and set fire to his tanker "Brillante Virtuoso", in an elaborate fraud to seek $77 million in insurance money, a London judge 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 Oct 7, 2019. 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. "The constructive total loss of Brillante Virtuoso was caused by the wilful misconduct of the owner, Mr. Iliopoulos. The motives of the armed men were not to steal or ransom the vessel or to steal from the crew, but to assist the owner to commit a fraud upon underwriters."
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beached at Gadani 2012
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sold to Breakers at Gadani Beach
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