Fraudster's £2.3 million yacht to be sold by receivers

A yacht owned by a Manx company will be sold off by receivers after its beneficial owner was jailed for his part in a £245 million corruption case at a UK bank.

In January 60-year-old David Mills from Gloucestershire was sent to prison for 15 years after being found guilty of money laundering, fraudulent trading and conspiracy to corrupt.

Southwark Crown Court heard the HBOS manager had been part of a scheme giving loans to struggling businesses in exchange for designer watches, exotic holidays and sex parties.

Now his Manx company, which owned the £2.3 million yacht, has been placed in the hands of receivers who'll sell the vessel to recover some of the money.

At the Island's High Court Deemster Doyle heard the London-registered Powder Monkey is currently berthed in Spain.

It was owned by Justus - a company set up by Mills through Athol Street corporate service provider Affinity Management Services Limited.

Deemster Doyle said although the directors of Justus had done nothing wrong, he was ordering receivers to sell the yacht to get the best price for it.

He appointed accountants from Douglas-based Brown Craine & Co to take charge of the company and sell the vessel.