Peponis Widens Probe Into CDS Controversy Against Papandreou Family

Earlier this year, financial affairs prosecutor Grigoris Peponis was ordered by a council of appeals court judges to conclude his investigation into allegations that the brother of former Prime Minister George Papandreou, Andrikos, profited from the purchase of credit default swaps insuring against a Greek bankruptcy. On Wednesday it was revealed that Peponis ordered Public Prosecutor Aris Korea to leave no stones unturned in this case and broaden the investigation.

Peponis disagrees with Korea who has been probing the case for the past few months, and who believes that the involvement of Andrikos (Andreas) Papandreou is unsubstantiated, and might not support criminal offense.

Peponis who had reportedly told his superiors last December that the case was at a "procedural deadlock" today notes that the case rather requires further investigation and that is why he ordered Korea to explore the entire course of the Hellenic Postal Savings Bank (TT) risk premium bonds from autumn of 2009 and onwards.

Under the command of Peponis, Korea is now obligated to ask judicial authorities in Switzerland, where the headquarters of investment firm are, for assistance in the following areas:

• what exactly was Andikos Papandreou's position in this international asset management company during the period 2009-2010, and what degree of responsibility did he have in decision making and the execution of decisions
• did the company purchase CDS on Greek debt
• If CDS were sold by the Postal Savings Bank in this company.
• If the distribution of these bonds are linked to internal information that company may of had from Andrikos Papandreou since he is the ex-PM's brother.

After collecting the data requested by Mr. Peponis, Korea will be assess and evaluate the material along with a team of financial experts and determine the further course of the case. (Source in Greek - tvxs )

Please click here to read all about this controversial case - George Papandreou accused of committing treason on CDS contracts

Editor's Note - Peponis is very determined to leave no stones unturned in this controversial case.  (And so are we) Obviously those who support Papandreou do not want the case to be thoroughly investigated, because if Andrikos is implicated or there is evidence that links him to his scandalous crime (and that is backed by solid and undeniable evidence) then his brother George Papandreou will automatically be implicated in this scam as well as the whole former gang at the Greek Finance Ministry, especially ex-minister George Papakonstantinou.