The allegations were investigated by Scottish prosecution authorities, but no action was taken against Mr Gecas.

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Air Lease will be competing as well with a unit of GE (nyse: GE) , GE Capital Aviation Services (GECAS).

FORBES: Billionaire Udvar-Hazy's Air Lease Files For IPO

Lord Milligan, at the Court of Session in Edinburgh, said in his judgement that he was "clearly satisfied" Mr Gecas had taken part in a number of killings and "committed war crimes against innocent civilians".

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Mr Gecas lost a libel action in 1992 against Scottish Television after it alleged that he had led atrocities against Jews in his native country and Belarus as the alleged head of a special police battalion.

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