Spanish government confirms it is kicking Stephen Roche’s assets out of Hungarian front company
Spanish bankruptcy officials are going after the personal assets of former professional cyclist Stephen Roche, following news that he had been found guilty of fraud by a Mallorca court.
Roche is one of only two cyclists to have won cycling’s triple crown, having won the Tour de France, Giro d’Italia and road world championships in 1987. The only other cyclist to have ever achieved this feat was the great Eddy Merckx. According to a report published Friday in the irish timeRoche has been ordered to repay $1.1million after a Spanish court proved he had negligently bankrupted his Mallorca business, using his assets to pay for his own extravagant lifestyle.
The Spanish civil court ruling found that Roche used funds from its cycle touring business to pay its own bills, instead of paying its creditors. Because of this, he was also banned from working as a business manager in Spain for seven years. That’s not all – there could also be other criminal charges.
According to a new report from msn, after leaving Mallorca, Roche started a new Hungarian company called Shamrock 1987. The 1987 is, of course, named after the year he won the cycling triple crown. According to MSN’s report, Shamrock 1987 was founded in Hungary in May 2018 after Roche’s debts in Spain skyrocketed 250% to well over $400,000 the previous year.
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Roche denied any wrongdoing with his Mallorcan company said he would refund whatever he could. But according to the Spanish courts, Roche was well aware of the doomed state of its Mallorca business, but continued to take money from the company’s accounts for private use.
Judge Margarita Isabel Poveda Bernal slammed Roche for using company money to pay for her luxurious lifestyle.
“Mr. Roche’s lavish spending on things like golf, apartment rentals, hotels in Switzerland and Hungary, restaurants, clothing stores and fashion houses like LOEWE, testifies to a life of luxuries and expenses while his creditors were not paid.
Roche refuted this accusation that he led a lavish life, citing his clothing choices. “The fact that I’m wearing a Boss suit, what difference does it make?” He asked. “There are guys on the street wearing Boss suits. These are no longer designer clothes. You can get T-shirts for 50 euros now at Boss, you know. And the costumes cost around 300 euros up and down.