The London High Court has ordered Piraeus Bank to pay insurers around £3.8m ($5m) in additional costs, following an October judgment holding that shipowner Marios Iliopoulos had orchestrated a $77m tanker scuttling fraud.

Justice Nigel Teare on Wednesday ordered the Greek bank to pay the extra costs to war-risk underwriters Talbot, Hiscox, QBE, Chaucer and six others.