John Olsen conviction overturned by appeal court

 July 8, 2018

Monaco court room
Photo via monacomatin.mc


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The conviction of John Olsen the director of JP Construction for fraudulent bankruptcy, has been overturned on appeal.

His legal team argued successfully before the Monaco Appeal Court on June 12, 2018, on the delay in informing Mr Olsen of the nature of the criminal complaint levied against him, and the wrongful assertion that Mr Olsen could not be contacted after he left the Principality.

His legal team referred to the Article 6 of the European Convention on Human Rights, stating that the original conviction should be quashed.

The successful appeal centred on the delay in informing Mr Olsen of the nature of the criminal complaint levied against him over a two-year period.

Previously the two Danish directors of JP Construction, John Olsen and Peer Pedersen, down its operations owing hundreds of thousands of euros to clients in Monaco and along the Riviera who had entrusted building projects and large deposits to the Monaco-registered operation. The two men fled the Principality in 2014, as clients began to file complaints with the authorities.

The contracts were signed. Deposits paid. But the work was never done. The exact amount of losses incurred by customers may never be known, since the two men had encouraged clients to pay in cash to avoid VAT.

The police investigation found that €800,000 had been transferred out of the company account and into the personal account of Mr Olsen, while €250,000 had been paid to Mr Pedersen’s private account.

Many of the vehicles used by the company were registered in Monaco, helping to give a false sense of security to clients, the court was told. Trucks registered to JP Construction were later used by the firm’s Polish workforce on other projects.

The conviction of John Olsen the director of JP Construction for fraudulent bankruptcy, has been overturned on appeal.

Previous report: Bankruptcy fraud in Monaco (March 31, 2017)


 

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