Athens court forbids Aspis boss from transferring assets

An Athens court has placed a freeze on the transfer of personal assets belonging to Pavlos Psomiadis, the president and managing director of insurance group Aspis, which shut down last year. The court order also forbids Psomiadis’s family members from being able to sell their assets, including property in central Athens locations, as investors who bought bonds in the company have taken legal action in a bid to get their money back. Meanwhile, the Capital Market Commission is investigating how the insurance group sold 70 million euros’ worth of bonds between 2004 to 2006 via its subsidiary Aspis Capital. The seven-year corporate bonds had a coupon of 7 percent and were privately placed with a large number of customers to help finance the group’s acquisitions.

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