Aspis probe moves abroad

Kathimerini English - - Front Page -

A pros­e­cu­tor’s of­fice in Athens has asked Swiss authorities and Ger­many’s Deutsche Bank to pro­vide it with de­tails about the fi­nan­cial ac­tiv­ity of Pav­los Pso­mi­adis, the pres­i­dent of the de­funct Aspis Pro­nia life in­surance firm who has been charged with fraud and em­bez­zle­ment, Sun­day’s Kathimerini has learned.

Ac­cord­ing to ju­di­cial doc­u­ments seen by the news­pa­per, Pso­mi­adis is linked to the de­posit­ing of some 1 mil­lion eu­ros in cash and ti­tle deeds in trust funds man­aged by Credit Suisse. This trans­ac­tion is linked to a trust at an­other, smaller, Swiss bank that was set up in Oc­to­ber 2009, a month af­ter Aspis had its op­er­at­ing li­cense re­voked.

Pso­mi­adis has been charged with pro­vid­ing Aspis’s cred­i­tors with a false 550-mil­lion-euro letter of guar­an­tee from a Bri­tish bank to keep the busi­ness afloat. The case came to light af­ter 65 in­vestors sued the firm. Pros­e­cu­tors are also in­ves­ti­gat­ing a letter of credit is­sued by Deutsche Bank.

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