Tycoon edging toward release

Shipping magnate Pericles Panagopoulos, who was abducted on Monday could be released as early as today or tomorrow, sources said, as negotiations between the gang that kidnapped him and his family continued late last night. According to sources, relatives of the 74-year-old founder of Greece’s largest ferry company, Attica Holdings, were trying yesterday to raise the money that the abductors have demanded. Although no figure has been made public, Panagopoulos’s family has reportedly been told to hand over the cash in denominations of less than 50 euros. This has apparently led to the tycoon’s wife last night asking the kidnappers for more time as the family is having difficulty raising such a large amount of money in small bills. The abductors are said to have sent the family a videotape showing Panagopoulos in captivity, in order to convince them that he is being treated well.

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