BUSTED - Greek Shipowner Arrested For Embezzlement

Greek shipping tycoon Victor Restis, was charged with embezzlement at the expense of First Business Bank (FBB) bank, and given until Friday, July 26, to prepare his defence and led back to jail. According to press reports he was arrested the same day on a warrant related to a 5.8 million euros loan from FBB that ended up with a former business partner of his and gave his testimony before investigator Rea Katsiveli, specializing in corruption.

Reports claim that at least three people involved in the case are still at large.

The same sources note that Restis is denying the charges and claiming that he has sued his business partners over the loan case.

On the other, other reports claim that two more arrest warrants have been issued for former business partners of his.

A dispatch fropm the state news agency noted that Katsiveli ordered his arrest following press reports that initiated an investigation in January on bad loans made by FBB. The case file includes two reports by the Bank of Greece and a third one by the Authority for Fighting Money Laundering, while the exact loan amount is still being determined.

Meanwhile, the National Bank of Greece, which acquired FBB, issued a statement on Tuesday saying that it had "absorbed only the healthy part of FBB" and that it was "in no way responsible for actions or oversights by the previous administration of FBB."

The National Bank said it had taken over FBB's 19 branches as of May 13, 2013 and the former FBB had been placed under liquidation proceedings, which was still being carried out by an independent liquidator appointed by the Bank of Greece, the country's central bank.