Deuss Agrees To Pay $47 Million Settlement

August 3, 2013

One-time Bermuda-based businessman John Deuss has agreed to pay $47 million to settle a seven-year battle with European authorities over allegations of financial irregularities.

He was previously given a suspended prison sentence of six months and a fine of 327,000 euros [$409,000], after being found guilty in a Dutch court of banking without a license and failing to report unusual transactions.

The 71-year-old banker and oil trader stood trial in Arnhem along with his sister, who was also convicted and given a six month suspended sentence.

An international warrant had been issued for Mr Deuss’s arrest after a bank he owned on Curaçao, in the Dutch Antilles, was closed in 2006 during an Anglo-Dutch investigation into carousel fraud.

In 2006, Mr. Deuss was arrested in Bermuda after his disappearance from his luxury home triggered the Bermuda Police Service to issue an appeal asking anyone knowing his whereabouts to contact them.

He later appeared in Bermuda court and eventually agreed to be voluntarily extradited to Holland. The Bermuda court was told Dutch authorities wanted him for questioning on suspicion of matters including money laundering.

Mr. Deuss, who had a home in Bermuda for 30 years and ran his TransWorld Oil company from the island, was once one of the world’s best-known oil dealers.

The multi-millionaire came to prominence in the 1980s when he supplied the South African apartheid regime with oil, defying United Nations embargoes. In 1984 his $6-million Dutch castle was partially destroyed after being firebombed by an anti-apartheid group in protest.

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Comments (7)

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  1. Nuffin but da Truth says:

    $47Million is nothing to him!

  2. Mazumbo says:

    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
    $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

  3. Truth is killin' me... says:

    Having money doesn’t make you have brains…go ask Madoff in jail…cell block D!

  4. Sparky says:

    @ Nuffin but da Truth. I agree it is nothing to his pocket. His returns on investments over the next 6 months will recover that. Now, we struggle every time a loaf of bread goes up $0.75 !!!!!!!!!!!!!!!

  5. Hurricane says:

    I was not aware that, against the United Nations embargo, he supplied oil to South Africa. Would have been good for U and your $$$$$$$$ to rot in jail, Duess.! Too bad a settlement has been reached

    • Ole says:

      October 2006 – John Swan & Ward Young bail Deuss. They both placed 5 million dollar sureties.

      How Swan could do business with and openly display support for Deuss is simply amazing. Particularly when Deuss obtained millions from the Apartheid government while blacks suffered under that horrific/ ghastly regime.

  6. MAKE MY DAY says:

    John Deuss was obviously a “crooked” man!!! What goes around – comes around!!!

    Can’t wait to hear Misick “sing” down in the Turks & Caicos Islands – and who is going with him from here for *corruption*!! Any ideas who I’m talking about???

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