Friday March 27, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
TT probe into loans finds state lender broke rules as businessmen profited

A report carried out by inspectors of the Bank of Greece into millions of euros in loans issued by the state-controlled Hellenic Postbank (TT) in 2008 and 2009 discovered that the lender repeatedly violated its own credit issue policy to release a series of loans without guarantees, with the money ending up in the personal bank accounts of some of the business owners who benefited.

According to the central bank’s report, extracts of which were seen by Kathimerini, TT issued loans without guarantees and without updated financial data, offering favorable terms – including low interest rates and long grace periods – to several companies, in some cases to overindebted ones.

Two loans worth 17 million euros that were issued to businessman Kyriakos Griveas – one of 25 people charged with fraud and money laundering in connection to the TT scandal – ended up in the personal bank accounts of Griveas and his wife, according to the BoG report.

A significantly larger loan, of 97.3 million euros, was extended to the pharmaceutical firm Alapis, one of several companies owned by entrepreneur Lavrentis Lavrentiadis, without any guarantee whatsoever, the report added.

Meanwhile a third businessman, Alpha television channel and Interamerican insurance firm owner Dimitris Kontominas, has been linked to a joint credit card venture with TT, which resulted in estimated losses of 150 million euros for the state bank.

Kontominas is to defend himself before an investigating magistrate on Tuesday in connection with the affair. The 75-year-old has been under police guard at an Athens hospital where he was admitted earlier this week with breathing problems. Griveas, who lives abroad, has yet to respond to the warrant out for his arrest, while Lavrentiadis is in pretrial custody at Korydallos Prison on charges of embezzling from Proton Bank, where he was a major stakeholder.

Several former TT executives, including its ex-Chairman Angelos Filippidis, have been charged in connection with the suspicious loans. At least 1.5 million euros in “unjustifiable” income has been found in bank accounts in Filippidis’s name. One former executive of the bank, who is currently head of the country’s bank bailout fund, known as the HFSF, has also been embroiled. Anastasia Sakellariou was a member of the TT committee that handled the restructuring of two loans that are now under investigation by prosecutors. The HFSF insisted in a statement on Friday that those restructurings were “in line with common banking practice.” Finance Minister Yannis Stournaras backed Sakellariou after opposition party calls for her to resign. “I fully trust and respect Greece’s justice system, but I also fully trust Mrs Sakellariou, her integrity, her professional expertise and, above all, her work so far,” Stournaras said.

ekathimerini.com , Friday Jan 10, 2014 (19:49)  
Clocks go forward one hour on Sunday
New Democracy´s political council convenes to decide line opposite gov´t
Greek government seeks balanced reform package
ND, PASOK say coalition signed up to tough terms
Bundesbank´s Weidmann says euro zone debt in ´danger zone,´ opposes more aid for Greece
Debt in the euro zone has entered the "danger zone," the head of Germany's Bundesbank said on Friday, calling for banks' exposure to the debt of individual countries to be capped. "In the eu...
Greek future as trade hub in limbo amid Syriza split on railways
As dusk falls on the plains outside the northern Greek city of Thessaloniki, Georgios Plaitakis opens up the throttle of his diesel-powered passenger train and settles in for the nine-hour j...
Inside Business
BASKETBALL
All is well that ends well for Olympiakos
Young Ioannis Papapetrou helped Olympiakos stage an impressive last-quarter performance to beat visiting Efes Anadolu 86-75 on Thursday and bring its Euroleague losing streak to an end. The ...
BASKETBALL
Reds survive KAO Dramas scare in Piraeus
KAO Dramas gave depleted Olympiakos a scare at the Peace and Friendship Stadium on Monday, but the league leaders eventually managed to get their 20th win in 21 games. The Reds won by 10 (72...
Inside Sports
COMMENTARY
Time to get moving
More than two months have passed since the elections and the government has to stop running around in circles and adopt a program of specific reforms, with detailed calculations as to their ...
EDITORIAL
The same old story
One of those infamously bad practices that the political system has been accused of for years is being propagated by the new government today, as it is appointing party cadres and politician...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bundesbank´s Weidmann says euro zone debt in ´danger zone,´ opposes more aid for Greece
2. Clocks go forward one hour on Sunday
3. Greek future as trade hub in limbo amid Syriza split on railways
4. New Democracy´s political council convenes to decide line opposite gov´t
5. All is well that ends well for Olympiakos
6. Greek government seeks balanced reform package
more news
Today
This Week
1. New Democracy's political council convenes to decide line opposite gov't
2. Greek future as trade hub in limbo amid Syriza split on railways
3. Clocks go forward one hour on Sunday
4. Bundesbank's Weidmann says euro zone debt in 'danger zone,' opposes more aid for Greece
5. Greece optimistic on deal with euro area next week
6. Opposition renews calls for minister to resign over legal cases
Today
This Week
1. Next Monday is D-Day for state funds
2. Total victory is unattainable
3. EU asks Greece for more reforms to speed talks on bailout
4. PM faces Merkel amid race to detail reforms
5. Some more equal than others
6. New book by ex-US diplomat delves deeper into the recesses of Greek terrorism
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.