x

Society

Piraeus Bank Former Chief Cited for Malfeasance Over Property Deals

March 14, 2018

ATHENS – The sale of five Piraeus Bank properties to a Cypriot firm have been tied to the family of the bank’s former chairman Michalis Sallas, who should be charged with wrongdoing, Greece’s anti-money laundering agency said.

“There are strong indications that Mr. Sallas and other members of Piraeus management who participated in the deals are guilty of malfeasance,” the agency said, referring to Sallis, who has denied any guilt and said the deals, which cost the bank 6.4 million euros ($7.91 million) happened when he wasn’t the chairman.

The report was cited by the financial news agency Bloomberg about the 2016 deals. He stepped down in July that year.

The properties, which had been sold in 2003 to companies “linked to Sallas or members of his family” and then repurchased in 2006 by Piraeus, were offloaded to the Cypriot company in 2016 using loans from the bank, Bloomberg cited the report as saying.

The transactions, which involved funds going through a series of intermediate companies, showed the lender was “breaching prudent banking methods,” resulting in a financial hit for the bank, the regulator was quoted as saying.

The body’s report on Piraeus Bank, dated November 2, is the third study into the bank’s property transactions which the agency has followed and included an audit by the Bank of Greece which in September, 2017 said it was looking into suspected wrongdoing at the bank over writing down bad loans and breaches of capital controls that have been in place since he summer of 2015.

RELATED

ATHENS - It’s rare to see people drunk in public in Greece, where the legal age is 18 but even children can buy beer at kiosks without being questioned, but behind the wheel is another matter, with 44 percent of those surveyed saying they have driven intoxicated.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Zelensky outcries to world from Kharkiv (VIDEO)

KHARKIV - Ukraine’s president, Volodymyr Zelenskiy, has released a video plea calling on world leaders to attend a “peace summit” next month in Switzerland after a deadly Russian attack on a DIY hypermarket in Kharkiv on Saturday.

TEL AVIV, Israel  — Israeli Prime Minister Benjamin Netanyahu acknowledged Monday that a “tragic mistake” had been made after an Israeli strike in the southern Gaza city of Rafah set fire to a tent camp housing displaced Palestinians and, according to local officials, killed at least 45 people.

ATHENS - It’s rare to see people drunk in public in Greece, where the legal age is 18 but even children can buy beer at kiosks without being questioned, but behind the wheel is another matter, with 44 percent of those surveyed saying they have driven intoxicated.

ATHENS - Greece’s reachout to Qatar for closer diplomatic ties, trade and investments - despite an investigation into allegedly bribing European Parliament members, including Greece’s Eva Kaili - will see the country’s leader come to Athens.

ATHENS - Responding to Greece’s plan to create marine parks in the Aegean Sea, Turkey said it would establish one as well, continuing to question sovereignty and upset that it wasn’t notified about the scheme.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.