CHK Y'R 6
20th Sep 2002, 02:47
An uncle of Stelios Haji-Ioannou, the founder of Easyjet, returned to the Greek courts yesterday in an attempt to claim almost £650 million from the businessman's family fortune. :eek:
Michael Haji-Ioannou, 65, a devoutly religious man, believes that his brother, Loucas, who is in hospital, his sister-in-law, Nedi, and their three children, including Stelios, should "pay up where it is due".
Stelios Haji-Ioannou
The legal proceedings, begun in February 2000, hinge on the role Michael played in his brother's early career, which spawned a successful shipping empire and the "Easy" empire. His claim relates to the fact that Loucas gave his son, Stelios, 35, about £40 million to set up Easyjet in 1995. Loucas's business assets, including the Troodos shipping business, are worth more than £2 billion, according to Michael, who wants a 28 per cent stake.
Stelios, the serial entrepreneur who launched Easyjet from Luton airport in 1995, yesterday dismissed the case as "a nuisance claim" from an uncle he had not seen for "two or three years".
Lawyers acting for Stelios and his family say Michael's argument is weak, particularly as it is largely based on a verbal agreement between him and Loucas in the 1950s.
The law firm, F Kremmydas, F Doris and Partners, question why it has taken Michael, who lives a frugal life compared to the many super-rich members of his family, so long to claim.
Stelios insists that the family, who are closely involved in each other's business and often hold stakes in the various companies, settled with Michael in 1968.
The first hearing was thrown out of court in Piraeus after the judges decided that there was no jurisdiction to decide the matter in Greece.
But Michael appealed, and yesterday's case was to decide whether it could be heard in Greece or in Monte Carlo, where Stelios and his father are understood to spend a lot of time.
A verdict is not expected until early next year.
More at Aviation News (http://luchtvaart.pagina.nl)
Michael Haji-Ioannou, 65, a devoutly religious man, believes that his brother, Loucas, who is in hospital, his sister-in-law, Nedi, and their three children, including Stelios, should "pay up where it is due".
Stelios Haji-Ioannou
The legal proceedings, begun in February 2000, hinge on the role Michael played in his brother's early career, which spawned a successful shipping empire and the "Easy" empire. His claim relates to the fact that Loucas gave his son, Stelios, 35, about £40 million to set up Easyjet in 1995. Loucas's business assets, including the Troodos shipping business, are worth more than £2 billion, according to Michael, who wants a 28 per cent stake.
Stelios, the serial entrepreneur who launched Easyjet from Luton airport in 1995, yesterday dismissed the case as "a nuisance claim" from an uncle he had not seen for "two or three years".
Lawyers acting for Stelios and his family say Michael's argument is weak, particularly as it is largely based on a verbal agreement between him and Loucas in the 1950s.
The law firm, F Kremmydas, F Doris and Partners, question why it has taken Michael, who lives a frugal life compared to the many super-rich members of his family, so long to claim.
Stelios insists that the family, who are closely involved in each other's business and often hold stakes in the various companies, settled with Michael in 1968.
The first hearing was thrown out of court in Piraeus after the judges decided that there was no jurisdiction to decide the matter in Greece.
But Michael appealed, and yesterday's case was to decide whether it could be heard in Greece or in Monte Carlo, where Stelios and his father are understood to spend a lot of time.
A verdict is not expected until early next year.
More at Aviation News (http://luchtvaart.pagina.nl)