The Managing Director of the Bank of Nevis International, Michael Prest is at the moment engaged in a war with shipping magnate, Edmund Echu over a business gone sour.

The shipping magnate, through his media aide alleged Prest to have duped him of $7m with a claimed share ownership of a fictitious bank.

Echu in a statement described how he had a meeting with Prest in Lagos and he showed him some investment papers with claims he had acquired some ownership percentage of a bank.

In his claims, he said ‘I began transferring $7m into his London account, surprisingly he stopped picking my calls as soon as the transfer was complete’, Echu alleges.

It is said that Prest went into hiding since then until Echu heard of an investigation launched by the White Collar Unit of the Police Force against Prest following a report made by Canadian national, Mark Kutcher on some other fraudulent activities of Prest.

An investigation into the matter revealed that in 2018 Prest approached Kucher to acquire 40 percent shares in Bank of Nevis with claims that he already 60 percent.

It is claimed that Kucher paid about the sum of $2.5m into Prest’s Petrodel account with Prest not fulfilling his other side of their deal.

The investigation is ongoing.