At least two ongoing judicial investigations are focusing on construction company owner Christos Kalogritsas and his son Yiannis on charges of money laundering and tax evasion, according to reports in Athens on Tuesday.
The reports come as the father and son Kalogritsas has shot to the national limelight in two apparently linked cases: a winning bid by a newly formed company controlled by the younger Kalogritsas’ for one of only four national broadcast television licenses auctioned off recently, and loans allocated to the elder Kalogritsas’ companies by Attica Bank from 2011 on through 2016. The total in Attica Bank loans extended to Kalogritsas’ companies reach nearly 128 million euros.
The same non-systemic bank, Attica, issued a letter of guarantee to the younger Kalogritsas’ company to participate in the electronic auction for the broadcast licenses. As collateral, he submitted titles for a large tract of undeveloped land on the island of Ithaca.
In a side bar to the “collateral” story, the owner of the property disputed press reports charging that the land was worthless and that any of the connected properties is mired in legal disputes. As to why he granted the land to be used as collateral by the younger Kalogritsas, he answered that it was his “constitutional right” to dispose of his property as he saw fit.
In terms of the judicial investigations, one indictment, linked with tax evasion charges against the elder Kalogritsas, is reportedly headed to trial. The probe began in January 2015 and is overseen by the Athens appellate prosecutor’s office. The sum being investigated is 20 million euros in alleged tax evasion.
A second indictment, which is being handled by a judicial magistrate, focuses on the younger Kalogritsas.
The case reportedly involved alleged tax evasion to the tune of four million euros, and money laundering.
However, Yiannis Kalogritsas reportedly paid the money in order to receive a written confirmation from the tax bureau that he does not have outstanding arrears to the state, another precondition for participating in the TV license auction.
Payment of the sum ends the criminal portion of the investigation against him.
