Retrial ordered in DEKA case

The Supreme Court yesterday demanded the retrial of those involved in the acquisition of shares in state-controlled firms by the State Portfolio Management Agency (DEKA) ahead of the 2000 national elections. Last December, an appeals court cleared DEKA’s former chairman and six former board members of breach of faith against the public interest, ruling that DEKA was an independent company and that its officials should have been charged with common breach of faith, which has a five-year statute of limitations. DEKA bought up shares just before the April 9 national election which PASOK won by a small margin. The value of the shares, however, dropped sharply, resulting in a loss of some 700 million euros for DEKA. The Supreme Court said the appeals court had wrongly interpreted the law since DEKA had clear links with the state and had been responsible for handling public money and, as a result, the seven defendants should now face criminal charges.