Restis to remain in custody after embezzlement hearing

Restis to remain in custody after embezzlement hearing

Shipowner Victor Restis was remanded in custody on Friday after giving testimony for three hours in front of a magistrate in Athens following his arrest earlier this week on charges of embezzlement and money laundering.

Restis denied that he was the recipient of a 5.8-million-euro loan granted by First Business Bank, where he was chairman. The 45-year-old businessman said that the money ended up in the account of an associate, who is being sought by authorities. Restis deposited 5.8 million euros into the state-owned Deposits and Loan Fund to show his willingness to cooperate but, 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.

Two properties owned by Restis in Glyfada, southern Athens, have also been confiscated by authorities pending his trial.


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