CFO remanded over Proton embezzlement case

Yiannis Papavassiliou, chief financial officer at Alapis SA, was remanded in custody on Thursday following his deposition before a prosecutor investigating the Proton Bank embezzlement case.

The former executive is believed to have played a pivotal role in the alleged transfer of 700 million euros in commercial loans from Proton to firms controlled by the lender’s main shareholder, Lavrentis Lavrentiadis, currently in custody on charges of embezzlement and fraud.