Presumably he’s still at liberty. Probably still in possession of a passport. Likely still regularly dining at his club and wearing bespoke suits. I wonder how many people are sitting on remand right now for shop lifting a few items of food because they were hungry?
Its important to remember that the role of a fund manger is NOT to increase the value of their clients funds. It is to increase the % of the clients' funds that become their funds. He seems to be especially good at this.
He's a lawyer, so he's transferred all assets to trusts. This is why nothing is in his name except the laptop and coffee or whatever he said. Imagine such fraud from a lawyer :/
The British taught the world how to be exceedingly good at fraud and legal filibuster, off shore tax havens, tax avoidance schemes, we really have led the way in keeping the rich becoming richer and the poor paying the taxes.
Figures the fast boat was made light so not sturdy and ocean going high speed flexing set up beside flexing and weakening joints but also varying harmonics on the shaft to make problems and extra pressures on the shaft supports when the flexing it trying to shift the weight and centrifugal forces on the shaft. In other words, the boat is completely ragged out.
Last I heard about Octopussy, she was sold in Fort Lauderdale in 2021 or 2022. The new owner was planning on bringing her back to her former glory because the previous owner changed the propulsion and or the engines bringing her top speed down to 12 to 14 knots. The new owner wanted to change everything to make her got back to the 51 knot top speed. Her previous owner also extended her 3 or 4 meters. She was planned to be in refit for around 2 years. It’s so sad to see her in that condition. I thought she was going to be relaunched this year but it looks like it’s not the case. So sad, she was such a marvel.
If I remember correctly she had two sets of engines, one for low speed cruising and one for high speed surge. So likely the "cruising" engines are all that was working.
@@darthkek1953 Yeah, that's the way it is here in the US as well, but they could charge him, and freeze his assets. Locking him up would make it difficult if not impossible for him to hide, or sell assets hidden from the courts. This is another reason one can be jailed before being tried.
Question: why is that lawyer not in jail with all his assets frozen? Answer: Because he is not a Russian? A facetious answer, humour based on knowing that Americans froze Russian assets and sequestered their super yachts.
This bags the question. Can one embezzle US$25 million and get a way with it? I really want to know the end of this story. Will the princess and her lawyers recover the money? Will Gibbs be punished and go to jail and for how long? Will Gibbs be looking over his shoulders the rest of his life?
If you were given power of attorney over 20 million, what would you do? I can't tell you what I'd do. It's not happened yet. Though I wouldn't trust myself for a second!
That's an interesting question. I'm a casual fan of super yachts and would like to learn more of the details about such things. It would make an interesting video.
It varies enormously, just a sale of a yacht can be a refit to taste, others can bob along for 20 or more years before full refurbishment. And most yachts seem to get bits & bobs done every year. But to me it looks like there is a 10 to 15 year window between major refurbishments.
Concise and entertaining. you're videos and reporting are truly world class. I won't lie, I really though M/Y A's windows made her so unique and classy, I hope the refit doesn't take away her singularity.
Octopussy was in a shipyard Fort Lauderdale it was completely gutted and stripped of mechanical equipment. Saw it in person when all that was going on didn’t expect her to end up in Dubai like that.
If you know Hessen it was a good builder but things got out of hand we think . It's not Hessens anymore it was sold in the old times ..Good or bad times are just that times . Jibbet 🙏💚☘️
Mr. Stallupi lived a few canals from my folks house when this was built (west islip, NY).....it was almost silly watching this big boat flying across the shallow great south bay....boat is old now.......high speed yatchs are like sea rays in my opinion.....pretty but not long lasting
I worked as a captain on the Great South Bay off Long Island in 1988, running the ferries to Fire Island. I remember when he ran it across the bay, and we were amazed watching it go. What a shame to see her in such bad shape.
25 million is the annual lunch bill for most saud royal family IMO. ;) They blow upwards of 1 billion on bad investments and seem to learn nothing from it but also don't seem too affected by it either.
What happens to super yachts when they get old? Are they scraped as other ships or are there low and users somewhere? This could be content of a special ...
Since just before King Charles's cancer was announced, I have been having trouble watching videos all the way through without delays. A lot of folk get their info online and not from TV or radio and that may be why. Good report, eSysman.
Man, not too sure I want to be that lawyer! Ripping off a Saudi Princess- I think I would put the potential for extradition to Saudi Arabia and see how fast he finds the money!😂
@@kennethwilliams3584 Relly cool! however it was docked in an area where we couldn't get close but I got some cool photos. It was so cool to see it in person and to see so many popular super yachts in one place. Im also excited to see more in the future when I get the chance.
British deck officers (who don't actually own boats) reckon "the industry standard" says it's 24m+ aka Large Yacht Code. But the people who invented the term (the press) had it for vessels of 90m+ whereas for example shipyard San Lorenzo (who actually build both Large Yachts and Superyachts) say they begin at 45m. So, "what is a superyacht" is a question with no strict answer.
The AIS and ownership details you show are of a different yacht that has a different name and a far greater tonnage. Ester III is a Lurssen from build… Certainly not a Sunseeker
You misunderstood the story. There were two yachts both named Elysium, we were not sure which one he owned. There was no proof it was the Sunseeker, anyway the follow up video confirmed everything.
@@YachtReport I understood it just fine thanks. The Lurssen Elysian never left the dock under Elysium as your Sunseeker did, with a different IMO, gt etc. You posted the wrong yacht. ETO investigate usually wouldn’t do that.
Back in the late 1980's I was in a small business with a bloke who had moved to town(same as I had)We were in the motor vehicle repair business, we also bought cars from the Auctions, repaired, and resold at auction, Plus our mobile car repair we would fix your car at your home, We were successful enough to move into premises, Little did I know of him, long story short, We were made bankrupt over a Council Tax debt(guess who did the paperwork)for £3000 but by the time the shark swarm stopped, I was in debt as a partner for the total amount of £13,000, The GREED that Capitalisms is based upon will never stop
I can guess who did the paperwork - NOBODY! The key to partnerships is to have three sets of books = one for the tax man, one for your partner, and one for yourself.
The Royals got their family wealth by someones forefather stabbing a sword into someone else and taking their property. I won't be crying over this one.
So someone with this level of business acumen, working for royals, can make $25million plus whatever he was worth before all of this completely disappear? I hope he's living off 2 minute noodles every night.
There's the courts - and their are the Saudi government agencies. I wouldn't be as worried about the the courts. Ask Jamal Khashoggi how well getting on the wrong side of the Saids works out. Especially if you're going to be spending time in international waters.
@@darthkek1953 You obviously know nothing about superyachts. I was in command of such for 17 yrs with builds from Feadship, Amels, CRN, Benetti, Burger, Sunseeker and Toughs. Sunseeker was the absolute worst by a considerable margin. I know of 3 that were returned to Sunseeker as unfit for use.
Should we really care if some arab princess loses a pit of pocket change! It's not like she worked a minute in her life to earn this money! Screw the Princess!
99.99 % of lawyers give the rest a bad name.
😂😂😂😂😂
My head hurts trying to understand the complexity of that first story..I have no idea how you can condense all that to make it understandable. 😂👏🏻🤓
Presumably he’s still at liberty. Probably still in possession of a passport. Likely still regularly dining at his club and wearing bespoke suits.
I wonder how many people are sitting on remand right now for shop lifting a few items of food because they were hungry?
Its important to remember that the role of a fund manger is NOT to increase the value of their clients funds. It is to increase the % of the clients' funds that become their funds. He seems to be especially good at this.
The investment banking phrase "increasing our share of the client's wallet" comes to mind.
Wow! A princess can't even trust her lawyer to handle her trust fund! will wonders never cease?
I cant trust even SOMEONE with 100 euro in spain
Crooks come in all disguises and are in every nationality.
also the worst ones usually have the most money and power.
He's a lawyer, so he's transferred all assets to trusts. This is why nothing is in his name except the laptop and coffee or whatever he said. Imagine such fraud from a lawyer :/
its a wonder he isn't in Parliament!
I hear that Trump may be looking for a new lawyer? @@ianmontgomery7534
Where have we seen this happen before 😂
Case of familia Bold in Spain.
How nice are the spanish,right?,
Obviously, that will not work.
It’s sad, money will always change people. Man should go to prison, and everything sold.
Absolutely, I agree.
He should be sent to Saudi Arabia.
Not really. It makes you more of who you already are.
You're saying they should sell his laptop and printer to raise money?
@fantabuloussnuf Now THAT'S funny!😂🤣
OCTOPUSSY going at about 61.0 miles per hour is very very fast in deed.....Thanks for the new update video my friend 👍
Old nasty Shoe🇺🇸
British lawyers and businessmen can be ruthless!
The British taught the world how to be exceedingly good at fraud and legal filibuster, off shore tax havens, tax avoidance schemes, we really have led the way in keeping the rich becoming richer and the poor paying the taxes.
..and corrupt to the core.
Figures the fast boat was made light so not sturdy and ocean going high speed flexing set up beside flexing and weakening joints but also varying harmonics on the shaft to make problems and extra pressures on the shaft supports when the flexing it trying to shift the weight and centrifugal forces on the shaft. In other words, the boat is completely ragged out.
Ridden hard, slapped about, and stored wet.
And that's just the mistress, the boat is no better.
Last I heard about Octopussy, she was sold in Fort Lauderdale in 2021 or 2022. The new owner was planning on bringing her back to her former glory because the previous owner changed the propulsion and or the engines bringing her top speed down to 12 to 14 knots. The new owner wanted to change everything to make her got back to the 51 knot top speed. Her previous owner also extended her 3 or 4 meters. She was planned to be in refit for around 2 years. It’s so sad to see her in that condition. I thought she was going to be relaunched this year but it looks like it’s not the case. So sad, she was such a marvel.
If I remember correctly she had two sets of engines, one for low speed cruising and one for high speed surge. So likely the "cruising" engines are all that was working.
Why is that lawyer not in jail awaiting prosecution with all of his assets frozen? Is this British law at it's best?👍😎✌🗽
In Britain the use of Remand (jail before trial) is limited to only the most violent offenders.
He's not a Russian?
@@gboates Who said he was Russian?
@@darthkek1953 Yeah, that's the way it is here in the US as well, but they could charge him, and freeze his assets. Locking him up would make it difficult if not impossible for him to hide, or sell assets hidden from the courts. This is another reason one can be jailed before being tried.
Question: why is that lawyer not in jail with all his assets frozen?
Answer: Because he is not a Russian?
A facetious answer, humour based on knowing that Americans froze Russian assets and sequestered their super yachts.
It's a shame to see a yatch that has been iconic looking so neglected. As to the first story. He's a lawyer, what does anyone expect?
This bags the question. Can one embezzle US$25 million and get a way with it? I really want to know the end of this story. Will the princess and her lawyers recover the money? Will Gibbs be punished and go to jail and for how long? Will Gibbs be looking over his shoulders the rest of his life?
Wow,what a world! I’m fascinated the way you make sense of it all. Love your insight and videos. Thanks from Canada.
But where did the ‘princesses’ money came from in the first place… 🤔
What goes around comes around? 🤣🤣🤣
If you were given power of attorney over 20 million, what would you do? I can't tell you what I'd do. It's not happened yet. Though I wouldn't trust myself for a second!
@@Veeger I would! 🤣🤣🤣
You would. Know plenty that have been ended die taking significantly less from what was not theirs. Great motivator.
Is there a general guide as to frequency of refits for yachts of various size?
That's an interesting question. I'm a casual fan of super yachts and would like to learn more of the details about such things. It would make an interesting video.
It varies enormously, just a sale of a yacht can be a refit to taste, others can bob along for 20 or more years before full refurbishment. And most yachts seem to get bits & bobs done every year. But to me it looks like there is a 10 to 15 year window between major refurbishments.
Concise and entertaining. you're videos and reporting are truly world class. I won't lie, I really though M/Y A's windows made her so unique and classy, I hope the refit doesn't take away her singularity.
Next channel? eSysman Investigates? Fabulous stuff. Thank you.
What nice storrys.
Und evt gibt es das sehr viel in spanien
Thank you for sharing beautiful yachts.😊
Octopussy was in a shipyard Fort Lauderdale it was completely gutted and stripped of mechanical equipment. Saw it in person when all that was going on didn’t expect her to end up in Dubai like that.
nice documentary about Heesen shipyards, epic!
If you know Hessen it was a good builder but things got out of hand we think . It's not Hessens anymore it was sold in the old times ..Good or bad times are just that times . Jibbet 🙏💚☘️
Donald Sultan poppies in the main deck salon -- awesome!
Douschbags and superyachts. Best. Title. Ever! Had me laughing in my chair!
Now where did I put that £25m ahh! I've got it! it fell down the back of the sofa.
Thank you for your work to bring this new to us.
Princess should invite him to a meeting in Turkey...........
Ooh ooh . But he's a Captain easy peasy dark night 🌙 🔫🔫🔫💯
He stole that money fair and square !
Sounds like a job for scotland yard 😂 sunseeker is ok the biggest issue is getting the correct parts ship to you😮
Mr. Stallupi lived a few canals from my folks house when this was built (west islip, NY).....it was almost silly watching this big boat flying across the shallow great south bay....boat is old now.......high speed yatchs are like sea rays in my opinion.....pretty but not long lasting
I worked as a captain on the Great South Bay off Long Island in 1988, running the ferries to Fire Island. I remember when he ran it across the bay, and we were amazed watching it go. What a shame to see her in such bad shape.
haha a Yacht buyback service using shell companies is a great shout
Oh, Ronald Biggs???does that rings a bell?
No, but Quasimodo does.
Elysium in Palma was owned by Gibbs. The boat had many unpaid debts to local contractors. It is now bank owned paying its invoices and is for sale.
Elysium has been for sale for about 2 years and had a £2m reduction 6 months ago (ish)
I think you should check your Spellcheck regarding opening sequence, bottom right.
my heart bleeds for these poor super yacht owners, lets launch a go fund me lol
My heart bleeds for this poor princess… 🤣🤣🤣
LET ME CONTROL THE FUNDS 50/ 50 ON THE DEAL OK 🤣🤣🤣🔫🔫
53 knots! I'm getting one, and it's a looker.
The last time i met mr.gibbs, he was working on the black pearl
I think this is the sistership previously named El Corsario.Octupussy looks great and is now in Fort Lauderdale
If he is invited to the Saudi Consulate I recommend he does not show up there. They have very sharp knives there.
😂😂😂
25 million is the annual lunch bill for most saud royal family IMO. ;) They blow upwards of 1 billion on bad investments and seem to learn nothing from it but also don't seem too affected by it either.
What happens to super yachts when they get old? Are they scraped as other ships or are there low and users somewhere?
This could be content of a special ...
Since just before King Charles's cancer was announced, I have been having trouble watching videos all the way through without delays. A lot of folk get their info online and not from TV or radio and that may be why. Good report, eSysman.
Imagine Esys's investment banking purchasing Porsches behind his back.
That trust fund lawyer might be safer giving front line tours in Ukraine.
Clever man with experience will end up rich, if the rich person with no experience trusts him.
Man, not too sure I want to be that lawyer! Ripping off a Saudi Princess- I think I would put the potential for extradition to Saudi Arabia and see how fast he finds the money!😂
Nice to see the tables turn for a change, fair play Mr Gibbs...me dat
294 episode. 6 more and you will have 300. Calls for a celebration 🎉🎉😅
God bless you man
Oh well. She's got plenty of money, so no real harm done.
I’m about to go see MY A! I’m excited😁
Will it be in Miami?
@@kennethwilliams3584 So Sorry I hadn't seen this until a month later! I saw MY A in Dubai in January 2024 :)
So how was it
@@kennethwilliams3584 Relly cool! however it was docked in an area where we couldn't get close but I got some cool photos. It was so cool to see it in person and to see so many popular super yachts in one place. Im also excited to see more in the future when I get the chance.
Maybe if he was extradited to Saudi Arabia he would quickly fess up to where the money is.
That old octopussy looks like it no longer is much fun but if they can tighten things up 007 could certainly dive back in.
if they want octopussy to the repaired/refit why take it to dubai?
If i had a Yacht Id totally name it Octopussy. Only because im a James Bond fan. 🤣
first off what is a "Superaycht"? also good on anyone that rips off the house of Saudi
British deck officers (who don't actually own boats) reckon "the industry standard" says it's 24m+ aka Large Yacht Code. But the people who invented the term (the press) had it for vessels of 90m+ whereas for example shipyard San Lorenzo (who actually build both Large Yachts and Superyachts) say they begin at 45m. So, "what is a superyacht" is a question with no strict answer.
He's an investment banker. I imagine he is broke on paper and all the assets are paper owned by someone else but controlled by him.
When a lawyer wants to commit a crime. It will be a smart one. 😂
Bet he's a tory voter
Yeah, because no “socialist” ever stole stuff. Idiot.
Merchant banker, merchant banker. Well we all know what that’s slang for innit.
Should be dry docked i would think. Probably just in water for transport.
The AIS and ownership details you show are of a different yacht that has a different name and a far greater tonnage. Ester III is a Lurssen from build…
Certainly not a Sunseeker
You misunderstood the story. There were two yachts both named Elysium, we were not sure which one he owned. There was no proof it was the Sunseeker, anyway the follow up video confirmed everything.
@@YachtReport I understood it just fine thanks. The Lurssen Elysian never left the dock under Elysium as your Sunseeker did, with a different IMO, gt etc. You posted the wrong yacht. ETO investigate usually wouldn’t do that.
There was never a Yacht - he flat out stole the money . . .
Typical lawyer in my opinion . I think this should be a matter of the justice department, and the bar for disbarment
Fabulous.
That super fast yacht is called..The world is not t enough..i watch a documentary on it 20 years ago and is powered by 2 turbine engines
If it’s so hard to figure out who owns it how do they ever get reported on
I used to see it in the Virgin Islands.
Gibbs a good man Kappa
Old mates got a date w the bone saw I think.
This is why Shakespeare said what he said about lawyers. (1st story)
UA-cam won't let me print what I want.
I might just help
this princess out.
Creedmoor 5.6
Contract, 1 million.
Back in the late 1980's I was in a small business with a bloke who had moved to town(same as I had)We were in the motor vehicle repair business, we also bought cars from the Auctions, repaired, and resold at auction, Plus our mobile car repair we would fix your car at your home, We were successful enough to move into premises, Little did I know of him, long story short, We were made bankrupt over a Council Tax debt(guess who did the paperwork)for £3000 but by the time the shark swarm stopped, I was in debt as a partner for the total amount of £13,000, The GREED that Capitalisms is based upon will never stop
I can guess who did the paperwork - NOBODY! The key to partnerships is to have three sets of books = one for the tax man, one for your partner, and one for yourself.
you have a typo on the lower third
Brave man to screw with Saudi money like that. I'd worry MBS ( Master Bone Saw) would have me hacked up and put in trash bags.
good way to end up making a one way trip to an embassy only to leave in a half dozen trash bags iMO
Being sued may be the least of his problems ?
A lawyer commits grand theft and fraud and he has only to pay a fine and no jail time?.
Strange how the law is different for the rich then the average thief
Sunseeker 131 at 1,527 gross tonnes? I don't think so!
The Royals got their family wealth by someones forefather stabbing a sword into someone else and taking their property. I won't be crying over this one.
So someone with this level of business acumen, working for royals, can make $25million plus whatever he was worth before all of this completely disappear?
I hope he's living off 2 minute noodles every night.
There's the courts - and their are the Saudi government agencies. I wouldn't be as worried about the the courts. Ask Jamal Khashoggi how well getting on the wrong side of the Saids works out.
Especially if you're going to be spending time in international waters.
eSysman “This video was made possible by Just for Men”
Would be happy if they want to sponsor even though I don't use anything on my hair (other than shampoo)
@@YachtReport blimey! You’re doing a lot better than me then
He purchased a 40m Sunseeker - that proves he had lost his marbles and gone gaga in the head.
Why? It wouldn't be my first _prestige_ choice but they can be relied on to resell.
@@darthkek1953 You obviously know nothing about superyachts. I was in command of such for 17 yrs with builds from Feadship, Amels, CRN, Benetti, Burger, Sunseeker and Toughs. Sunseeker was the absolute worst by a considerable margin. I know of 3 that were returned to Sunseeker as unfit for use.
@@csjrogerson2377 I said they resold well, I didn't say they were the best. The charter market is full of them and will always take more of them.
I miss the days when you talked about yachts rather than yacht owners.
Well………….somebody had to pay for it. Right??
Octopussy - so sad....
I'm surprised he hasn't been persuaded to divulge the whereabouts of the funds by means of a hammer and his toes....
This is what is wrong with the world these days. Greedy and selfish.
I'm surprised with its history, Heeson hasn't bought it back
Hessens has been bought by .l&b 6 ish years ago
😂😂😂😂😂... Lock him up.
Should we really care if some arab princess loses a pit of pocket change! It's not like she worked a minute in her life to earn this money! Screw the Princess!
Nobody is gonna snitch to ppl that aren't cops or any law enforcement.
Of course they will MONEY TALKS BULLPOO WALKS
hell yeah, baller! 🎉😂
Sounds shady.