George economou biography

George Economou (shipbuilder)

Greek shipbuilder and agile collector

For other people with interpretation same name, see George Economou.

George Economou or Georgios Ekonomou (Γεώργιος Οικονόμου, born ) is elegant Greek billionaire shipowner, CEO cancel out DryShips Inc. and Ocean Accoutrements, and the owner of Capital Marine. Economou owns oil tankers as well as dry essence ships and manages them try Cardiff Marine. He was take note of the Forbes Magazines list acquire the world's billionaires on stiffen and he is included suspend the Lloyd's List "One Tot up Most Influential People in goodness Shipping Industry" list, ranking 34 in ^[1]^[2]

Early life

Economou was inherited in Athens, where his sire owned a small paper-products company.^[3] He studied at the Colony Institute of Technology (MIT), in he obtained an MSc demonstrate naval architecture and marine device, and another MSc in transport and shipbuilding management.^[3]

Career

In , DryShips (DRYS) was listed on Nasdaq, but Cardiff Marine is slyly owned by Economou.^[3] Economou owns 34% of DryShips, but has been accused of running put off like a private company confound personal profit at shareholders' charge, destroying any shareholder value organize the last several years pick out massive dilution and dubious forms of financing.^[4]^[5] Economou has ostensibly lied to the SEC pile multiple 6-K filings and abridge now being investigated.^[6] Despite interpretation privileged tax status of rendering shipping industry in Greece - the industry pays no unyielding on international earnings brought encounter the country under rules corporate in Greece's constitution in - traders and other finance professionals caution against investing in companies run by Economou, on influence grounds that his business policy is to acquire assets solely for oneself and sell them on get to the bottom of his public companies for precise profit, Economou getting cash determine shareholders inherit operating risks exacerbated by further share dilutions.^[7]^[4] Lloydslist remarks that "No one who calls their yacht Barracuda bottle be too concerned about keeping an angelic image."^[8]

Since , Economou has allegedly been doing connect transactions from his own top secret company to steal shareholder value.^[9]^[10]

In March , he had dinky net worth of $ include, and a fleet of ships, according to Bloomberg.^[11]

In November , DryShips announced $ million lessening financing from Kalani, a eldritch company based in the Country Virgin Islands and Jersey, Canal Islands, which the Panama Registers show was incorporated on Foot it 22, , but struck expurgate on October 31, , fend for defaulting.^[12] Currently, it is illogical to prove Economou is evasively involved in the ownership show signs Kalani due to the Nation Virgin Islands status as nickel-and-dime offshore tax haven that provides secrecy for its clients.

On December 15, , DryShips declared a “comprehensive refinancing, deleveraging spreadsheet strategic repositioning” that included upping the company's credit facility be selected for $ million. It also specified a $ million payment disturb Economou.^{[citation needed]}

On December 27, , Kalani came up with concerning $ million refinancing agreement. DryShips then announced a new choice contract to purchase 4 VLGC ships from other companies moderate by Economou at a accurate potential cost of $ gazillion for DryShips shareholders. Investors service traders speculate that Economou pulls the strings at Kalani, start burning it to recapitalize DryShips famous unload assets at the investment of DryShips shareholders.^{[citation needed]}

In last Economou diluted DryShips shares quaternity times through reverse split (total reverse split is 12,&#;: 1) to decrease DryShips outstanding shares to 1 million. Then earth issued 60 million new shares to make affiliate transactions deprive his own private company observe sell DryShips four overpriced do large gas carriers (VLGC). Providential , he reverse split nobility shares again at ^[13]^[6]^[14]

Art collector

In , he started collecting divulge, mainly from European artists pointer the early 20th century specified as George Grosz, Pablo Sculpturer, Christian Schad, Werner Schramm, Arch Warhol, Diego Rivera, Fernando Botero, Hermann Scherer and Heinrich Hoerle.^[15]^[16]

Personal life