Russel King is facing an extension on his six-year prison term unless he hands over assets held in a Swiss trust, as part of a confiscation order.
King had already been sentenced to six years imprisonment after he pleaded guilty to defrauding £670,00 ($818,355, € 739,546) from collapsed firm Belgravia Financial Services Group, after his business partner died in 2008.
Now, the prosecution and the defence have agreed for King to surrender £322,212 in “tainted” wealth that is held in a Swiss trust, or face a three year extension to his jail sentence.
During King’s confiscation hearing, the court found that he benefited by nearly £1m from his criminal activity, local news website Bailiwick Express reported.
Lost control
King “exploited the death of his business partner, and exploited his power over those subordinate to him, to enrich himself dishonestly to the tune of almost three-quarters of a million pounds”, said prosecutor Matthew Jowitt.
A collection of watches and jewellery are also part of the trust, which amounts to around a third of the benefit figure.
Jowitt said that if King has not surrendered the sum by the end of his initial prison term, he will have to serve a further three years in custody by default.
But if he manages to pay even a part of it, the additional sentence will be reduced accordingly, Jowitt added.
It appears that King might have a hard time paying the sum back as, although he has ownership of the assets, he has no control over them anymore.
The confiscation figure, however, could change if the value of the jewellery and watches fluctuates, and all parties might be forced to return to court if complications on the handling of the trust arise.
