John S. Latsis (14th Sep 1910 - 17th Apr 2003)

A Tribute to a great Greek Shipping Tycoon

His Life:

The Latsis business empire included shipping, banks, oil refineries and construction companies. In 2003 Forbes magazine rated him 101st among the world's richest people, with a fortune worth US$5.4 billion. Mr. Latsis pursued neither publicity nor reckless living, keeping himself out of the public eye.

But he did court the powerful and the famous, making friends with kings, presidents, prime ministers and actors. HRH Prince Charles, The Prince of Wales, was one of Mr. Latsis's friends. He loaned his yacht, the ALEXANDER, to the Prince for a second honeymoon with Diana, Princess of Wales, in 1991, and in 2002 Prince Charles borrowed the vessel again for an Aegean cruise with his companion, Camilla Parker-Bowles. The Latsis yacht has also been lent to former President George Bush and his family, as well as to Colin L. Powell, now secretary of state, and to the actor Marlon Brando. Mr. Latsis was a close friend of many members of the Saudi royal family. But he angered some Greeks by maintaining close ties with the former HM King Constantine II of Greece, who was deposed in 1973 and now lives in exile in London. In 1991, Mr. Latsis created a political storm in Britain when it was learned he had given the Conservative Party, then in power, a gift of $3 million.

John S. Latsis was the last of a generation of extremely rich Greek shipowners and businessmen that included household names like Aristotle Onassis and Stavros Niarchos.

Yiannis or John Latsis was born on the 14th September 1910 in the south western Greek fishing village of Katakolo, in the Peloponnese prefecture of Ilia. He married Erietta Tsoukala, with whom he had three children - Spyros, Marianna and Margarita - and nine grandchildren.

He studied at the Pyrgos School of Commerce and at the School for Merchant Navy Captains.

According to a biography released by the Latsis group of companies, Yiannis Latsis started working while still a child and later worked as a seaman and ship's captain in the merchant fleet.

He began his working life as a labourer, deckhand and ship's captain. In 1938, he bought his first freighter and he owned a fleet of ships by the 1960's. He then diversified into construction and the oil business, specializing in projects in the Arab world. In 1969, he established Petrola, the first export-oriented oil refinery in Greece and set up another oil refinery in Saudi Arabia.

He quickly became one of the major Greek ship owners and from the 1970s he also became involved in oil refineries and the fuel trade, owning refineries in Greece and Saudi Arabia.

Within Saudi Arabia, meanwhile, the Latsis group also became heavily involved in construction and had a significant role in the development of Saudi infrastructure and private projects.

Next, Mr. Latsis moved into banking and finance. In 1979, he bought the Deposit Bank in Geneva from the Onassis family. In 1989 he established the Private Bank and Trust Company in London.

In 1980, the Latsis group bought the Swiss Bank de Depots based in Geneva, which acted as the foundation of a international bank network in several European cities, the United States, Asia and Greece.

These activities were the cornerstones for the development of the Latsis group and the significant legacy left by Ioannis Latsis to his children, who now continue its activities in other areas such as real estate, ship building, air transport and infrastructure development.

A small tanker fleet still sails under the Latsis flag, but banking is now the most significant part of the empire. These activities are carried on as EFG Eurobank, which has become the third largest bank in Greece, attracting a 10% investment from Deutsche Bank and expanding into the Balkans. But the family remains in the oil industry. Petrola is Greece's third-largest refinery, and has recently joined with the Russian oil giant Lukoil to bid for a share of the state-owned Hellenic Petroleum.

In 1999 Mr. Latsis handed over management of his business interests to his son Spiro, who survives him, along with his wife, Erietta Tsoukala, and two daughters, Marianna and Margarita. Mr. Latsis owned grand homes in Geneva, Switzerland and Britain, and built a marble palace in Athens. His London base - Bridgewater House, in St James's - cost him £19m, and was the venue for many glittering parties, with guests including royalty from several countries.

However there were times when he could not avoid publicity, in 1999 his property company had to go to court to evict a determined tenant in a Mayfair apartment block he aimed to redevelop. The 73-year old woman had lived there, enjoying the views of Hyde Park and Green Park, for more than 30 years. But Latsis had been buying up the surrounding property for 10 years with the aim of developing a luxury apartment and office complex, and was not to be stopped by one stubborn tenant who refused what he considered equally attractive flats nearby.

Latsis also has a significant track record in charitable works, donations and good works to reduce human suffering and has given moral and financial assistance to hundreds of initiatives by the governments of Greece and other countries, state organizations, the Church, hospitals, institutions, sports clubs, schools and others.

Mr. Latsis devoted some of his fortune to philanthropy, creating the Latsis Foundation, which financed many cultural works including a Greek translation of the Koran.

Particularly generous was his aid to the 1986 earthquake victims in the southern Greek city of Kalamata to which he sent his 20,000 ton cruise ship, the MARIANNA 9 (the former S/S Principe Perfeito) to serve as a floating shelter for more than 900 people left homeless the earthquake. He also gave generous financial assistance to the successful Greek bid for the 2004 Olympic Games to be held in Athens. Also he gave generous financial aid in the building of a burns clinic at the Thriasio Hospital in Elefsina and in building the Latsio College. He also made large donations to aid earthquake victims in Greece, Egypt and Armenia. He also donated $1.5 million to Prince Charles's charitable foundation, the Prince's Trust.

He also made numerous donations to the Greek state, such as police vehicles and fire brigades, the Panhellenic Seamen’s' Federation and the seamen's insurance fund NAT.

He found and financed the Latsis Scholarships Institute in 1970 and an institute to assist ethnic Greeks in Albania in 1991.

Over the years, he also donated tens of millions of dollars to Greek seamen, children throughout the world and particularly his home town, Pyrgo in Ilia.

He has received the Golden Cross medal from the Ecumenical Patriarchate, the Grand Cross of the Order of the Phoenix medal by Greece and a prize from the Athens Academy.

Sadly he became less active after suffering a stroke several years ago, and was hospitalised frequently in recent years as his health deterioriated. He died on the morning of Thursday the 18th April 2003 of advanced old age at the venerable age of 93 at his home in Geneva, Switzerland.

Condolences over death of Latsis came from:

Merchant Marine Minister George Anomeritis, Culture Minister Evangelos Venizelos, main opposition New Democracy (ND) party leader Costas Karamanlis and ND deputy Miltiades Evert and Britain's Prince Charles on Thursday expressed their condolences and deep sorrow over the death of shipping tycoon Yiannis Latsis who died earlier in the day at the age of 93.

Anomeritis said:

''Yiannis Latsis, himself a captain, served in the Navy and Merchant Shipping and linked his life with the sea and shipping. His business activity, along with his social contribution incorporate him in the category of the traditional shipowners.''

Venizelos said Latsis was ''a dynamic, popular and sincere person and his death is certainly a great loss.''

Karamanlis hailed the contribution of Latsis for his contribution ''to the development of business activity in Greece'' as well as for ''his great social contribution.''

Evert said that during his tenure as industry and energy minister he personally knew Latsis and that ''in two periods of great crisis, he hasted to effectively help our country's supply of oil without seeking any financial benefit.''

According to an AFP dispatch from London, Prince Charles also expressed regret over the death of his friend Latsis who had often invited him on his luxury yacht ''Alexander''.

President extends condolences to Latsis family:

President of the Republic of Greece Kostis Stephanopoulos on Thursday addressed a message of condolences to the Latsis family over the death of shipping tycoon Yiannis Latsis who passed away earlier in the day aged 93.

Some of the notable ships that have ended up in the Latsis Fleet:

S/S Groote Beer (1945) - Holland America Line

Sold to John S. Latsis in 1963 and renamed Marianna IV in 1964, returned to Groote Beer in 1965, in 1968 she returned to being Marianna IV. In 1968 she was laid up at Piraeus and was scrapped in 1970 at Eleusis, Greece.

M/S Alexander (1966)

Luxury private yacht owned by John S. Latsis since about 1983, famously loaned to HRH The Prince of Wales and other celebrities.

S/S Worthing (1928) - Southern Railway

Sold to John S. Latsis in 1955 eventually scrapped in 1964.

S/S Barbic (1918) - White Star Line

Sold to John Latsis in 1937 who renamed her Marathon.

S/S Waterman (1945) - Royal Rotterdam Lloyd Line

Sold to John S Latsis in 1964, withdrawn and scrapped in 1969 / 1970.

RMS Strathmore (1935) - P&O Line

Sold to John S. Latsis in 1963 and renamed Marianna Latsis and used for occasional pilgrim voyages, such as from West Africa and Libya to Jeddah and as a hotel ship in Jeddah. In 1966 she was renamed Henrietta Latsis. In 1967 she was laid up at Eleusis, Greece and in 1969 was scrapped at La Spezia in Italy.

RMS Stratheden (1937) - P&O Line

Sold to John S Latsis in 1964 and renamed Henrietta Latsis, 1966 renamed Marianna Latsis and scrapped at La Spezia in Italy in 1969.

S/S Principe Perfeito (1961) - Companhia Nacionial de Navegacao's (CNN), Portugal.

Sold to Latsis in 1982 and renamed Marianna IX for use as a hotel ship at Jeddah. In 1985 she was renamed Marianna 9 and in 1989 was donated to the Greek government for use to house earthquake victims at Kalamata. In 1990 she was laid up at Eleusis Bay, Piraeus, Greece along with the former Windsor Castle. In 1998 she was put up for sale with other Latsis ships but sadly in 2001 was sold for scrap in India.

M/S Aureol (1951) - Elder Dempster Lines.

Sold to Latsis in 1974 and renamed Marianna VI for use as an office and leisure centre at Jeddah for the Petrola Int. S.A. Construction Company. In 1979 she was replaced by the former RMS Windsor Castle and remained laid up at Jeddah. In 1989 she was laid up at Eleusis Bay, Piraeus, Greece before being sold for scrap in India in 2001.

RMS Windsor Castle (1959) - Union Castle Line

Sold to John S. Latsis in 1977 and renamed Margarita L and used variously as an accommodation ship in Saudi Arabia etc. Laid up at Eleusis Bay, Piraeus, Greece in 1990 and was eventually sold for scrap in India in 2005.