NEWS

Bail reduced for businessman allegedly linked to TT loans scandal

An investigating magistrate handling a probe into the Hellenic Postbank (TT) unsecured loans scandal reduced the bail payment demanded of a key suspect in the investigation – businessman Dimitris Kontominas – from 5 million euros to 4 million euros, it emerged on Wednesday.

The 75-year-old owner of Alpha TV channel and the Interamerican insurance firm has been given until March 21 to make the 4-million-euro payment or go to jail pending trial on a series of criminal charges including fraud and embezzlement.

Kontominas, who was given conditional release following his arrest in the middle of last month, had asked for his bail to be reduced to 500,000 euros, claiming that he did not have the financial means to meet the original 5-million-euro payment.

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