Businessman Victor Restis granted conditional release

Victor Restis, the 45-year-old businessman being investigated for loans issued by First Business Bank during his chairmanship, was granted conditional release from pretrial custody by an Athens prosecutor on Tuesday.

Restis denies that he was the recipient of a 5.8-million-euro loan granted by First Business Bank. He has said that the money ended up in the account of an associate. He is also being investigated for a string of other business loans by FBB that went to companies that were either linked to the businessman or the lender’s shareholders.

The shipowner was remanded in custody in July after giving testimony in front of a magistrate following his arrest on charges of embezzlement and money laundering.

Restis had deposited 5.8 million euros into the state-owned Deposits and Loan Fund to show his willingness to cooperate but, after lengthy conferring, the magistrate and prosecutor at the time had decided that he should remain in custody as he is a flight risk or could commit new offenses.

That decision was overturned on Tuesday following a new appeal by Restis’s lawyers.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.