Controversial travel tycoon, Elias Elia, owner of the credit card company blamed for the collapse of Flyglobespan, has been declared bankrupt. The Greek Cypriot’s firm E-Clear was accused of withholding £35 million from the Scottish carrier, which collapsed in December 2009.
A fraud investigation into the card processing company blamed for the collapse of Scottish budget carrier Flyglobespan has been dropped. The Serious Fraud Office has declared that there was “insufficient evidence” to pursue a prosecution against E-Clear, which was run by flamboyant Cypriot entrepreneur Elias Elia and collapsed in January 2010 owing an estimated £127 million.
Police in Cyprus have confirmed that shots have been fired at the home belonging to the parents of Elias Elia, following the collapse of his business and the disappearance of £100m. The attack is believed to be what Cypriots called a “notification”, a gangland-style reminder that a debt is overdue.
Greek travel entrepreneur Elias Elia is set to have his personal assets frozen as the administrators of his failed credit card company E-Clear try to account for a hole in its finances worth up to £100m.