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Court: Shipowner set fire to collect $77-million insurance payout

Tanker fire

A High Court in London has ruled that Greek ferry company Seajets' chief executive Marios Iliopoulos set his own tanker on fire in 2011 to collect $77 million in insurance payout, The Wall Street Journal reported. The judgment in the case, which is still being investigated, comes after Greece’s Piraeus Bank, the vessel’s mortgage holder, claimed losses over the fire damage from the ship’s insurers.

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