Sunday Jan 25, 2015 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Stiff sentences handed out over structured bond scandal

Protesters hold up black balloons reading ‘bonds’ and ‘funds’ during a rally in central Athens when the scandal first came to light in 2007.

Stockbrokers, finance executives, bank officials and pension fund managers are among the 13 people who were handed jail sentences of up to 25 years on Thursday for their part in the 2007 sale of 280 million euros in structured bonds that led to the funds paying around 20 million euros over the odds for the paper.

The criminal appeals court in Athens handed 25-year sentences to Theodoros Priniotakis and Giorgos Apostolidis of the Acropolis brokerage house, Haris Adamopoulos and Avraam Savidis of JP Morgan bank and Giorgos Papamarkakis of North Asset Management. Five managers of state-run pension funds were handed 20-year terms. They were Agapios Simaioforidis of TAYPED, Panagiota Karadima of TEADY, Panagiotis Karadimas of TEAYFE, Gerasimos Konidiaris of TSEYP and Constantinos Christidis of TEAOPEKA.

Nikos Bougos of HypoVereinsbank received a 15-year sentence. These 11 defendants were found guilty of a range of crimes, including fraud, breach of faith, money laundering, tax evasion and forming a criminal organization.

Two accountants, Angelos and Dimitris Liatis, were given five-year terms. They were found guilty of being accomplices to tax evasion.

In addition, the court ordered the seizure of property owned by Priniotakis up to the value of 6.5 million euros. It also imposed a fine of 11.6 million euros on Papamarkakis.

JPMorgan bought the bonds from the Greek government in February 2007 at 100 cents on the euro as part of a swap transaction. The bonds were then sold by the bank to North Asset Management, a London-based hedge fund, at a price of 92.95 cents on the euro. North Asset then sold the paper to HypoVereinsbank for 99.9 cents. The bank then sold the bonds to Athens brokerage Acropolis Axepey at 99.95 cents. The state-run pension funds bought the bond from Acropolis at a price of 100 cents on the euro.

Reports about the deal sparked protests and rocked the New Democracy government at the time, prompting the dismissal of then Labor Minister Savvas Tsitouridis. JPMorgan and North Asset later agreed to buy back the bonds from the pension funds at face value.

ekathimerini.com , Thursday May 29, 2014 (20:24)  
Exit polls suggest big margin of victory for SYRIZA
Greece’s diplomatic missions ‘on hand to assist Greeks in Ukraine’
ANTARSYA, GD representatives attacked at polling stations
Thessaloniki police catch suspected Turk terrorist
Bundesbank chief Weidmann urges new Greek government to stick to agreements
Bundesbank President Jens Weidmann said on Sunday Greece would continue to need aid and would only get this by sticking to its agreements, adding that he hoped the new government would not m...
Draghi’s QE promise to Greece depends on debt-market math
Greece’s inclusion in the European Central Bank’s bond-buying plan this year doesn’t just depend on its new government sticking to a bailout program. It also relies on some debt-market arith...
Inside Business
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakos’s 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
BASKETBALL
Tremendous Spanoulis sweeps Laboral Kutxa
A hot second half was enough for Olympiakos to undo visiting Laboral Kutxa and score its fourth win in as many games at the second round of the Euroleague on Friday. The 76-64 final score wa...
Inside Sports
FOCUS
A SYRIZA government in Greece: what it wants and what might be possible
The left-wing SYRIZA party led by Alexis Tsipras looks likely to win the Greek general election on Sunday after campaigning on a pledge to renegotiate the country’s international bailout and...
COMMENTARY
The train
If we go by the polls, SYRIZA is set to win Sunday’s election and form a government. New Democracy did not really campaign, or perhaps it did so in a way that can only be explained if the pa...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Bundesbank chief Weidmann urges new Greek government to stick to agreements
2. Exit polls suggest big margin of victory for SYRIZA
3. Greece’s diplomatic missions ‘on hand to assist Greeks in Ukraine’
4. ANTARSYA, GD representatives attacked at polling stations
5. Thessaloniki police catch suspected Turk terrorist
6. Greek Elections 2015 Results | LIVE
more news
Today
This Week
1. Greek Elections 2015 | LIVE
2. Greeks vote for reform path or defiance
3. Greek Elections 2015 Results | LIVE
4. A SYRIZA government in Greece: what it wants and what might be possible
5. SYRIZA aims for landmark election win
6. Greece votes on whether to dump austerity, take on lenders
Today
This Week
1. Greek Elections 2015 | LIVE
2. Piraeus Bank is third lender to request ELA
3. Grexit the only way out of ‘valley of tears,’ says Hans-Werner Sinn
4. Greek Elections 2015 | LIVE
5. Fitch lowers Greece credit outlook to 'negative'
6. No debt writedown or rolling back of reforms for Greece, says Finland's Stubb
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.