Conman jailed for defrauding Allseas

A conman was jailed for eight years in the UK Monday for defrauding Dutch offshore engineering firm Allseas out of £88m ($117.5m).

Paul Sultana, a former car salesman, was part of a team of fraudsters who persuaded top management to invest in a fictitious Vatican-linked investment platform with massive four-digit rates of return.

Allseas has been pursuing the conmen for a number of years, with another of the fraudsters jailed two years ago.

Edward Heerema, president of Allseas Group, said: “We felt it was in the public interest for us to pursue the case against Mr Sultana to protect other potential victims by ensuring that he is not free to repeat his crime.

“Today’s conviction vindicates our decision to pursue this case, and sends a strong message to fraudsters that there are effective routes for justice to be served.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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