Stock claims laid to rest

More than 10 years after allegedly being involved in questionable share deals, the former chairman and board members of the State Portfolio Management Agency (DEKA) were cleared yesterday of buying shares in state-controlled firms ahead of the April 9, 2000 national elections to boost the stock market. The seven men were standing trial for a third time on charges that they acted in such a way that the state’s interests were damaged. They had been cleared on two previous occasions but the Supreme Court annulled the decisions. The shares bought by DEKA in 2000 dropped sharply after the 2000 elections, which PASOK won narrowly, resulting in a loss of some 700 million euros. Before coming to power in 2004, New Democracy had promised to investigate the matter. The Athens appeals court ruled yesterday that there was no malice aforethought and the suspects had acted in accordance with DEKA’s principles.

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.