In the Royal Court on Friday Dr Gerald Smith (50), of Steephill, St Saviour, was ordered to pay Allan Rankin £280,000 from a contract dated October 2003 and a further £250,000 from a contract agreed in July last year, together with interest at the court rate from the dates of the contracts.
Dr Smith was remanded in custody by Blackfriars Crown Court shortly before Christmas after he admitted breaching bail conditions.
The case against Dr Smith and two others, which is due to be heard at Blackfriars in April, concerns a UK company, Izodia.
It is alleged that an account was opened without the authorisation of the directors of Izodia at Royal Bank of Scotland in Jersey and that £7.
million was transferred out of the account without the board’s approval.
The Serious Fraud Office has been carrying out an investigation since 2003, when a raid was carried out on offices on the Esplanade.
Proceedings are due to continue in the Royal Court next week between Izodia plc and a BVI-registered company, Lynch Talbot.