The sentence on Achilleas Michalis Kallakis has been increased by a London appeal court following an intervention by the attorney general, who considered the original sentence unduly lenient.

Kallakis and co-conspirator, Alexander Martin Williams, (both 44) undertook an audacious and persistent fraud aimed at borrowing £740m ($1.1bn) from Allied Irish Bank and the Bank of Scotland to finance property purchases and the conversion of the 4,192-gt passenger ship Mercator II (built 1965) into a €87m ($112m) superyacht.

Williams had a five year sentence increased to eight years.

Kallakis