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Athens News Agency: News in English, 07-02-07

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From: The Athens News Agency at <>


  • [01] PASOK raps deals by NBG, ATEbank, Cosmote

  • [01] PASOK raps deals by NBG, ATEbank, Cosmote

    Main opposition PASOK party on Wednesday asked a high-ranking Supreme Court prosecutor to intervene in four cases of alleged financial scandal and mismanagement by three state-controlled companies.

    Four files detailing what PASOK claims is wrongdoing were submitted on the party's behalf by its Parliament spokesman George Floridis and PASOK sector-head for economic issues Vasso Papandreou, both former ministers. Emerging from the meeting with prosecutor George Sanidas, Vasso Papandreou stressed that "there are serious questions that had to be answered" in all four cases.

    Specifically, PASOK has criticised the purchase of Turkey's Finansbank by the National Bank of Greece (NBG), at a price the main opposition party claims was much greater than its market value; acquisition of the retail electronics chain Germanos by mobile service provider Cosmote, a subsidiary of Hellenic Telecommunications Organisation (OTE), for a price that PASOK said was roughly four times higher than Germanos' value; NBG's acquisition of the P&K brokerage firm at "several times its real value"; and what the opposition party claims are "risky" foreign investments by ATEbank and a commission it paid to a firm identified as Ealy.

    Though all three companies are listed on the Athens bourse, they are essentially state controlled, with boards and CEOs nominated by the government and with the state holding significant ownership in all three.

    According to the Supreme Court prosecutor, preliminary inquiries into three of the four cases have already begun by the Athens First-Instance Court prosecutors' office, while PASOK's complaint about the acquisition of P&K will be referred to a prosecutor for investigation.

    Caption: Papandreou and Floridis speak to reporters outside the court in Athens on Wednesday, Feb. 7, 2007. ANA-MPA / M. Marogianni.

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