NEWS

Four Greek firms accused of EU subsidy fraud

An Athens Court of First Instance prosecutor has brought criminal charges of fraud against four Greek companies believed to have pocketed millions of euros in European Commission subsidies while judicial authorities have asked their counterparts in Brussels to establish whether Commission officials who approved the subsidies also made illicit profits, it emerged on Thursday.

The charges were lodged following a five-year investigation by the European Anti-Fraud Office (OLAF) and Greece’s Financial Police and Financial Crimes Squad (SDOE). According to the results of the probe, the four firms applied for EU subsidies related to several research programs and used shell companies that were issuing bogus invoices to justify nonexistent expenses.