Kathimerini English

TT violations exposed

Central bank probe into loans finds state lender broke rules as businessme­n profited

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A report carried out by Bank of Greece inspectors into millions of euros in loans issued by the state-controlled Hellenic Postbank (TT) in 2008 and 2009 discovered that the lender repeatedly violated its own credit issue policy to release a series of loans without guarantees, with the money ending up in the personal bank accounts of some of the business owners who benefited.

According to the central bank’s report, extracts of which were seen by Kathimerin­i, TT issued loans without guarantees and without updated financial data, offering favorable terms to several companies, in some cases to overindebt­ed ones.

Two loans worth 17 million euros that were issued to businessma­n Kyriakos Griveas – one of 25 people charged with fraud and money laundering in connection to the TT scandal – ended up in the personal bank accounts of Griveas and his wife, according to the BoG report.

A larger loan, of 97.3 million euros, was extended to Alapis, a firm owned by entreprene­ur Lavrentis Lavrentiad­is, without any guarantee whatsoever, the report added.

A third businessma­n, Alpha TV channel and Interameri­can insurance firm owner Dimitris Kontominas, has been linked to a joint credit card venture with TT, which resulted in losses of some 150 million euros for the state bank.

Kontominas is to defend himself before an investigat­ing magistrate on Tuesday in connection with the affair. Griveas, who lives abroad, has yet to respond to an arrest warrant, while Lavrentiad­is is in pretrial custody on embezzleme­nt charges connected to another affair.

Several former TT executives, including its ex-Chairman Angelos Filippidis, have been charged over the suspicious loans. At least 1.5 million euros in “unjustifia­ble” income has been found in bank accounts in Filippidis’s name. One former executive of the bank, who is now head of the country’s bank bailout fund, known as the HFSF, is also embroiled. Anastasia Sakellario­u was a member of the TT committee that handled the restructur­ing of two loans that are now under investigat­ion. Finance Minister Yannis Stournaras backed Sakellario­u after opposition party calls for her to resign. “I fully trust and respect Greece’s justice system, but I also fully trust Mrs Sakellario­u, her integrity, her profession­al expertise and, above all, her work so far,” Stournaras said.

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