Alapis chief arrested as part of Proton probe

Yiannis Papavassiliou, chief financial officer at Alapis SA, has been arrested on a warrant issued by the prosecutor investigating the Proton Bank embezzlement case.

Papavassiliou is believed to have played a key role in the alleged transfer of some 700 million euros in commercial loans from Proton Bank to companies controlled by the lender’s main shareholder Lavrentis Lavrentiadis.

Lavrentiadis is currently in custody on charges of embezzlement and fraud.