BUSINESS

Security firm Pyrsos also shuts down

TAGS: Business, Economy

Pyrsos Security has shut down after 22 years in the private security sector, leaving without work some 800 employees who have also gone without pay for at least five months.

According to the Labor Ministry, the company stopped paying its creditors about a year ago, and owes 8.2 million euros in contributions to the Social Security Foundation (IKA).

Taking this news and the closure of the Athens Ledra hotel this week together, the ministry said that justice will have to intervene as both cases involve the abandonment of employees by the companies and debt creation to the state.

Regarding the case of the Athens Ledra – whose owners are said to be in talks with an investor from the Far East – the ministry said that ASTY SA owes 9 million euros to IKA on top of its loan obligations and other debts.

IKA made an effort to reach an agreement with the hotel’s owners for the settlement of the contributions owed, aiming at the payment of the employees salaries. However, before the process was completed the Cypriot-owned company decided to shut the hotel, according to the ministry, which will now examine the option of transferring Athens Ledra and Pyrsos employees to Manpower Organization (OAED) programs.

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