A bail application for high-profile Sydney jeweller Michel Germani has stalled over fears he could flee the country using the proceeds from a robbery at his own store.
Mr Germani is accused of organising a major theft from his eponymous store in Sydney’s city centre in order to defraud his insurance provider.
The whereabouts of $2.8 million worth of jewellery allegedly taken during the robbery remains unknown.
An insurance claim lodged by Mr Germani is also pending.
Judge Sarah McNaughton questioned on Monday whether Mr Germani could launder the stolen jewellery – if he had it – through his remaining store in Sydney’s Queen Victoria Building in order to fund a getaway.
Veteran lawyer John Korn, representing Mr Germani, argued the stolen goods were most likely in the possession of one of the alleged robbers, who was charged with offences including aggravated robbery.
“He’s the one on the Crown case that’s made off with it,” Mr Korn said during the Supreme Court bail hearing.
But Justice McNaughton said she had to balance issues of Mr Germani having to wait in custody for up to two years while awaiting trial with the prospect he could flee the country.
“It is a reasonably strong case … and he has a huge incentive to flee the jurisdiction,” she said.
“Where it currently stands I think there is too much risk.”
A decision on the bail application was adjourned until August 18.
Mr Germani’s wife has offered $50,000 surety, while another man, Simon Oliver, offered $200,000.
Crown prosecutor Stephen Makin suggested Mr Germani might have handed over fake goods during the robbery.
“(He) may have held onto the valuable goods knowing the robbery was coming and given them worthless costume jewellery,” he told the court.
Mr Makin said Mr Germani, whose plea was not specified during the hearing, had a willingness to engage in “scheming” and had shown himself to have little regard for the safety of his employee, who was put through the robbery.
“Nobody will end up smelling like roses at the end of the matter,” he said.
Mr Korn said if police could prove what they said occurred then his client’s actions could be considered callous, but nothing had been determined yet.
He said there were serious issues with the Crown relying on evidence from one of the accused robbers, who he suggested had clear incentive to “roll over” on his client in order to get himself out of trouble.
Three people have been charged with various offences relating to the robbery and its planning, but Mr Korn said Mr Germani had no association with the two alleged thieves.
