Victor Restis cleared of money laundering and embezzlement charges

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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.

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