Navios’ CEO Angeliki Frangou is among a group facing felony charges in Greece in connection with an alleged money laundering racket.
Andreas Vgenopoulos, chairman of Greece’s Marfin Investment Group (MIG), and 14 Marfin Bank executives also face charges in connection to a EUR75m loan allegedly granted to investment firm IRF European Finance Investments, which is owned by Frangou, according to court documents cited by press in Greece.
The bankers are accused of having breached their fiduciary duty, whereas Frangou is facing charges of being complicit with the breach, as well as money laundering.
The charges were filed following a probe ordered by Greece’s anti-corruption prosecutor Eleni Raikou and prosecutors Antonis Eleftherianos and Yiannis Dragatsis.
The loan was allegedly granted in exchange for the purchase of shares in MIG and its subsidiary Marfin Bank (Romania).
Authorities allege the initial EUR75m loan, which was granted in 2006 while Vgenopoulos was head of the bank, eventually reached about EUR200m through refinancing, according to reports.
The prosecutors say the loan was not secured and to date has allegedly not been repaid, which is why Frangou is among those accused.
Splash has contacted Navios for comment.