Director stole millions

Press, 16 February 1984, Page 21

Director stole millions

NZPA-AAP Melbourne Investigators have alleged that Mr Andrew Strathis, the missing director of the collapsed Bishopsgate Insurance Company, Ltd, began stealing from the company only 14 days after buying it.

The accountants investigating the collapse allege Mr Strathis, aged 31, stole a total of sAustl9M in 37 thefts from the company. They also discovered that after placing a ?1M down payment for Bishopsgate,

Mr Strathis allegedly stole S3.BM from the company to pay the balance. The official liquidator, Mr Warwick Leeming, said Bishopsgate had an estimated deficit of nearly S23M and that Mr Strathis may have fled Australia with up to $7.5M.

Up to 6000 unsecured creditors in Australia were likely to suffer substantial losses because of the collapse because only about SI.2M of the missing money

was likely to be recovered. The liquidators said Mr Strathis lost millions on the sharemarket and often used company cheques of more than $lOO,OOO for bets with Sydney bookmakers. Strathis, who was known as Andrew Stathopolous when charged with offences relating to the cultivation of marijuana in 1979, is now being sought by Interpol and was last seen at Athens airport four days after he left Australia.