Banks investigated over funding of Alter TV
Prosecutor Grigoris Peponis, who deals with financial investigations, launched a probe on Wednesday into whether members of the executive boards of any banks were guilty of breach of faith by financing Alter TV station, which has amassed large debts and is having trouble paying its employees.
Alter is estimated to owe some 500 million euros although the company says the debt is closer to 300 million.
Alter filed for protection from its creditors in August under Article 99 of the bankruptcy law.
Peponis launched the probe in the wake of Prime Minister George Papandreou raising the issue with PASOK MPs. ?How can banks give loans to a TV station that owns 500 million euros but not finance small and medium-sized enterprises?? the premier asked lawmakers.
