Saturday August 23, 2014 Search
Weather | Athens
32o C
25o 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)  
New Democracy should look to center ground, says Mitsotakis
Education Ministry says almost 180,000 tertiary students ´stagnant´
Hardouvelis ready to make changes to property tax after MP talks
Ancient Amphipolis tomb unlikely to have been looted, says lead archaeologist
External factors threatening Greek recovery
At a time when the Greek economy is displaying what appear to be early signs of recovery, following six years of deep recession, a series of external factors are threatening to undermine the...
Vodafone to buy 73 pct more of Hellas Online for 73 mln euros
Britain’s Vodafone has agreed to acquire a further 73 percent stake in Greece’s broadband and fixed-line telephony provider Hellas Online for 73 million euros, to help it better compete in t...
Inside Business
West Brom sign Greek international striker Samaras
West Bromwich Albion have signed Greece striker Georgios Samaras on a two-year contract following his release from Scottish champions Celtic, the English Premier League club said on Friday. ...
SOCCER
Panathinaikos, Asteras Tripolis notch up vital wins in Europa League
Thursday proved a very productive night for two of the three Greek teams performing in the Europa League as Panathinaikos and Asteras Tripolis secured vital wins in the first legs of their p...
Inside Sports
COMMENTARY
On steroids
Bodybuilders are in a league of their own. They rarely make headlines for their achievements, their performance, or being role models. In contrast, they’re more likely to make the news due t...
EDITORIAL
Time to kick a stupid habit
Official figures indicate that tax dodging continues unabated across Greece’s tourist areas. According to data made available by the Finance Ministry following checks conducted between July ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. New Democracy should look to center ground, says Mitsotakis
2. Education Ministry says almost 180,000 tertiary students ´stagnant´
3. Hardouvelis ready to make changes to property tax after MP talks
4. Ancient Amphipolis tomb unlikely to have been looted, says lead archaeologist
5. Anti-terrorism squad called in after 300,000-euro bank robbery
6. External factors threatening Greek recovery
more news
Today
This Week
1. Aftershocks rattle Halkidiki after strong 5-Richter quake
2. Coast guard intercepts 180 migrants in Aegean in two days
3. Greek peach farmers await Brussels decision on compensation
4. Avramopoulos, Hagel hammer out 'roadmap' of defense cooperation
5. Hardouvelis hears grievances of coalition MPS to unified property tax bill
6. Spanish government bonds rise with Italy's before Draghi speech
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. The magical mountain
3. Merkel cites euro’s ‘construction flaws’ as economy sputters
4. Greek stock recovery fading away as ASE falls 21 pct on valuations
5. Brussels warns Greece over plans to allow construction near Korinos beach
6. Second man held over double murder in Mani
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.