Greek Shipping Tycoon Remains In Custody After Embezzlement Hearing

Following his arrest earlier last week on charges of embezzlement and money laundering, Greek shipping tycoon Victor Restis was remanded in custody on Friday after giving testimony for three hours to a magistrate in Athens.

Reports said that Restis denied that he was the recipient of a 5.8-million Euro loan granted by First Business Bank, where he was apparently chairman. The charasmatic 45-year-old oligarch said that the money ended up in the account of an associate, who is presently being sought by authorities.

The same reports claim that Restis deposited the 5.8 million Euros into the state-owned Deposits and Loan Fund to show his willingness to cooperate. Nonetheless, and after lengthy conferring, the magistrate and prosecutor decided that he should remain in custody as he is a flight risk or could commit new offenses.

Interestingly, two properties owned by Restis in the area of Glyfada (southern Athens), were confiscated by authorities pending his trial.

Earlier last week HellasFrappe posted a report on this case click here to read more - http://hellasfrappe.blogspot.com/2013/07/busted-greek-shipowner-arrested-for.html