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Tycoon Trevor Baines in court on money laundering charges
MULTI-millionaire Trevor Baines has appeared in court charged with money laundering offences.
Mr Baines, 67, who was ranked 432 in the Sunday Times Rich List this year with a fortune of 162 million, was bailed in the sum of 750,000 - with his mansion home in Douglas, Africa House, put up as security.
He is charged with – between June 1, 2001, and October 3, 2001, in the Isle of Man or elsewhere – knowingly or suspecting that Roys Spyros Poyiadjis was and had been engaged in criminal conduct, being concerned with others in an arrangement whereby the retention and control on or behalf of Mr Spyros of the proceeds of criminal conduct of Mr Spyros was facilitated by the deposit of about $20,000,000 in accounts at the Isle of Man Bank, of about $175,000,000, in accounts at Flemings Isle of Man Ltd, transfers from such accounts at Standard Bank Isle of Man Ltd and by order withdrawn from such accounts.
Mr Baines is also charged with falsifying a document on or about May 31 2001.
Defence advocate Louise Byrne said the charges would be vigorously opposed.
Mr Moyle granted bail to February 5.
Mr Baines must report daily to police headquarters and surrender his passport.
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Weather for Isle of Man
Saturday 04 February 2012
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Heavy showers
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