It warned investors that his New York Securities Bank based in the Comoros Islands was not authorized to provide services detailed in Spain's Securities Market Act, which include insurance services.
Yet, seven months later the Cypriot supervisor failed to take cognizance of the warning, and he was allowed to buy all shares of Olympic Insurance, totaling almost 8 million, from its previous owner and become its new owner and manager, in January 2016.
The report said that supervisors failed to spot the Spanish warning about the new owner of Olympic, further prohibitions for his parent company to deal in foreign currency.
A report by a reputable audit firm said it could not verify any of several claims about its financial health, including Brazilian sovereign bonds, immovable property, receivables and cash deposits in a shadowy bank in the Comoros islands, which, as it transpired, had the same registration number as one which was owned by him.
Cypriot Auditor General Odysseas Michaelides said via Twitter on Thursday that his office had spotted Olympic's shortcomings when it carried out its audit for 2017.
He said it was one of two companies which would face problems with the introduction of Solvency II, a European Union directive which introduced a harmonized prudential framework for insurance firms across the European Union.
He did not say if he alerted any authorities about his findings, and which.
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