The “e” in E-Clear could stand for a number of things. The obvious explanation is that the credit card company dealt in e-business, handling transactions made over the web. It also could have referred to the company’s owner, Elias Elia, or maybe it stood for elusive, as Elia and his business dealings are proving to be.
According to former colleagues, Elia, 39, a Catholic Maronite from Nicosia in Cyprus, arrived in London in 2000 with little money but plenty of ambition. He was hoping to sit his final chartered accountancy exams and told friends that he wanted to become “the richest man in Cyprus”. Elia had a lucky break while acting as a consultant to E-Clear. In 2002, sources say, he was appointed manager and given a 30 per cent stake. Depending on which version you believe, he either cheated or worked his way to the top.
Elia had enjoyed a low profile until Globespan went into administration last month and it emerged that E-Clear had contributed to its downfall. One source who has done business with Elia questioned whether he might be “either a great conman or a fantasist who was incompetent”. Another said: “He’s sharp with figures — ask him any question and he comes straight back with an answer.”