NEWS

Athens court clears Psycharis, Alpha Bank executives over loans

TAGS: Justice

An Athens court on Wednesday cleared the former president of Lambrakis Press Group (DOL), Stavros Psycharis, and 10 executives of Alpha Bank of charges relating to loans granted to him to the tune of 45 million euros.

The loans were used to increase the company's share capital and to increase Psycharis' stake in the conglomerate.

Psycharis, 74, had been charged with securing loans without submitting the necessary collateral and guarantees while the 10 executives had been charged with failing to comply with bank regulations.

The court ruled that the loans were issued in accordance with applicable regulations and procedures as set by the Bank of Greece. The media group came under the control of shipowner Evangelos Marinakis in 2017.

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