BREAKING NEWS

Now Reading:

Greek corruption probe reveals alleged money laundering and fraud at PostBank


Greece

Greek corruption probe reveals alleged money laundering and fraud at PostBank

Greek police have arrested three people and charged them with money laudering and defrauding the state.

A businessman and two officials at Hellenic Postbank were accused of rigging a string of loans between 2007 to 2013 that cost the bank 500 million euros.

It eventually went under and was bought by Greek rival Eurobank.

Issued either with low or no interest, the bad loans account almost entirely for the bank’s current poor financial state.

The bad debt has led to 25 people being arrested, including a top financier and a media mogul.

“The Greek Central Bank of Greece and the judicial authorities are extending their investigation beyond PostBank and into other Greek banking establishments who may have used similar practices, as banking circles in Athens feel that this particular case might be only the tip of an iceberg,” reported euronews’ Giannisis Stamatis in Athens.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Auto-Translated

Next Article

world news

Controversial French comic Dieudonne wins court battle