A businessman facing charges related to the money-laundering racket centered around former Defense Minister Akis Tsochatzopoulos (photo) was on Saturday released on bail of 500,000 euros.

Alexandros Avatangelos has been implicated in the laundering of money from kickbacks that the former socialist heavyweight is alleged to have pocketed from the purchase of four German-made submarines.

Avatangelos has denied the charges. He has been prohibited from leaving the country.