Money laundering and embezzlement charges against Greek ship-owner, Victor Restis, were dismissed by “Arios Pagos” the Hellenic Supreme Court (Case No. 1192/2016), based in Athens.
The Supreme Court stated that the defendant’s actions had been standard business practice and therefore not illegal.
Charges related to two loans totaling EUR15.8m ($17.6m), granted in 2012 by the then First Business Bank (FBBank) of which Restis was chairman and his family a major shareholder.
The court ruled both loans were genuine and noted the shipowner repaid them fully. By the same decree (1192/2016), all bank executives involved in the case were acquitted.