Shipowner arrested for alleged embezzlement

Greek shipowner Victor Restis was arrested on Tuesday on suspicion of money laundering and embezzlement, police and court officials said.

Restis, who owns a shipping fleet and has a stake in a Greek newspaper among other media holdings, is accused of using his influence over the First Business Bank (FBB) to secure loans and funds of up to about 500 million euros for people and companies with whom he had ties, police and court officials said.

His family owned a majority stake in small lender FBB, which was wound down earlier this year with its healthy assets absorbed by Greece’s top lender, National Bank .

Restis’s lawyer could not be immediately reached for comment. He has not yet been charged over the case.

He was arrested outside his office in a northern suburb of Athens, a police official said, and was expected to appear before a prosecutor later in the day. [Reuters]

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