The former chief executive of the Hellenic Postbank, mired in an unsecured loans scandal, will be deported to Greece after his arrest in Turkey, Greek authorities said on Saturday.
Angelos Filippidis, the subject of an international warrant, was arrested on Friday in a hotel in Istanbul after Turkish authorities tracked his mobile signal, Greek media reported.
His lawyer, Thanassis Varlamis, said that the former CEO had appeared before a Turkish magistrate on Saturday and asked to return to his country to face questioning. The deportation was approved and could take between two and 40 days, according to the Greek consulate.
Filippidis has previously denied any wrongdoing.
“All the loans were issued with unanimous decisions by the board and all the procedures were respected,” Filippidis told Skai Radio on Thursday. “If I could turn back time, I would issue them again today.”
He also claimed that the Hellenic Postbank’s bad-loan ratio was far lower than that of other bigger Greek banks.
An unsecured loan is particularly advantageous to the borrower since no guarantee or collateral is required.
Twenty-five people have been charged, four of whom have already been arrested in Greece, in a probe into losses by the bank of more than 400 million euros (US$549 million).
Among those charged is the head of the Hellenic Financial Stability Fund — which was responsible for maintaining the stability of the Greek banking system — Anastasia Sakellariou, who was part of a committee that handled the loans under investigation.
Anti-austerity leftist party Syriza on Saturday accused Greek Prime Minister Antonis Samaras and Greek Finance Minister Yannis Stournaras of trying to cover up the scandal and said they were trying to protect Sakellariou.
Greek authorities have begun getting tough on corruption, bringing to light the extent of fraud before the economy collapsed in 2010.
A minor but well-capitalized lender, Hellenic Postbank took a serious blow in 2012 from a restructuring of Greek sovereign debt.
Its shares were suspended last summer after a run by shareholders following statements from the finance minister that the bank had become “unsustainable.”
It was eventually absorbed by Eurobank, one of Greece’s four biggest banks.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to