Greek business executive Lavrentis Lavrentiadis has reached an out-of-court settlement with the financial affairs prosecutor over an embezzlement case involving Athens-based Proton Bank.

    According to sources, Lavrentiadis agreed to pay 51 million euros to the bank in return for all charges to be dropped.

    The businessman has completed negotiations with prosecutors to return the sum of 51 million euros to Proton Bank to cover the losses suffered, although the agreement needs the approval by the Bank of Greece’s commissioner, assigned to Proton Bank. It is the first such case to be resolved after the government revised a relevant criminal legislation.