Ship owner Victor Restis arrested on suspected embezzlement & money laundering charges

What’s wrong with the Greek businessmen? They establish banks, invest in the media sector and then they meet altogether in prison? Ship owner Victor Restis was arrested on Tuesday morning on charges of embezzlement and money laundering. He is accused of using his influence over the First Business Bank (FBB) to secure loans and funds of up to about 500 million euros for people and companies with whom he had ties, police and court officials said.

“Ship owner Victor Restis was arrested earlier in the day, on charges of embezzlement and money laundering. Mr. Restis appears to be implicated in a number of risky loans that were issued from the FBBank.

Mr. Restis appears to have taken out a loan of 5.8 million euros, which was granted to a company owned by the Restis family. The investigation was initiated after an FBBank employee filed a complaint at the authority for tackling money laundering. The police are also searching for three more individuals involved in the case.”(To Vima)

FBBank was founded in 2001 and had its license revoked in  May 2013.

Victor Restis, 42, belongs to the new generation of Greece’s shipping tycoons and is considered the country’s  fifth-largest shipowner.

Victor Restis in June 12, 2012

“You cannot squeeze and tackle a person that is in international shipping trade and finance and say, ‘I will tax you,’” said Restis, who controls a fleet of more than 200 vessels. “The answer is ‘sure, tax me. Find me.’” (ekatimerini)

In the last decade he had (and still has) stakes in private media like Tiletypos (Mega TV), DOL (Ta Nea, To Vima,), Proto Thema, MTV and Nickelodeon.

Restis’ arrest follows the one of Greek tycoon Lavrentis Lavrentiadis, founder of Proton Bank and media investor. In prison since December 2012.

Victor Restis was arrested outside his office in a suburb of North Athens and is expected to appear before the prosecutor during the day.

The prosecutor is reportedly investigates also the fate of 524 million euro in loans.