Fraudulent property dealer jailed for three years

Shaun Kiely, director and shareholder of property development business Sky Properties (Northern) Limited (SPN) and retail outlet chain S-Mart Stores Plc, has also been disqualified from being a director for seven years for defrauding seven investors. Kiely deceived investors in 2005 by promoting the S-Mart stores as profitable businesses when very little trading was actually being done. Before and during 2005, SPN purchased over 50 low value commercial retail properties across the country and created 20-year commercial leases to S-Mart for the properties before selling on the freehold...