Distie boss on fraud charges

Silicon Technologies Europe director remanded in custody until March

Dylan Creaven, director of Eire-based components distributor Silicon Technologies Europe, has been remanded in custody until March after being charged with obtaining goods from abroad without paying VAT.

Creaven, 29, was arrested in London for an alleged 'missing trader' VAT fraud estimated at £162m. He appeared at the Old Bailey last week when the case was adjourned.

He was arrested after an operation involving HM Customs and the Criminal Assets Bureau, Irish police and the Irish Revenue Officers of Customs and Excise Enforcement.

Creaven was charged with conspiracy to cheat the Inland Revenue under the Criminal Law Act 1977 and money laundering offences under the Criminal Justice Act 1988.

Searches were carried out in London and the Republic of Ireland, and the Criminal Assets Bureau has obtained freezing orders in the Republic in respect of assets valued at £13m.

Silicon Technologies Europe declined to comment.