Trial: Brother of Papandreou vs Leader of Independent Greeks over CDS alleged trading

Posted by in Politics

An interesting trial began Thursday morning at First Instance Cour tin Athens. Defendants are the brother of former prime minister George Papandreou, Andreas (nickname Andrikos) and leader of Independent Greeks party, Panos Kammenos. Papandreou took Kammenos to court when the latter publicly accused him, that he was involved in transactions involving credit default swaps (CDS) betting on Greece’s bankruptcy and thus when George Papandreou was prime minister.

In summer 2012, Financial crimes prosecutor Grigoris Peponis had called for additional investigation into the possible involvement of Andreas Papandreou in the CDS trading. According to Athens News Agency AMNA,

Questions had to be answered about the involvement of Switzerland-base investment firm  and determine a number of issues, including the precise job title and position occupied by the premier’s brother in the firm between 2009-2010 and his degree of involvement in taking investment decisions. Also it should be ascertained whether the firm bought CDSs on Greek debt, whether the Hellenic Postbank sold CDS to the firm in question and whether there is any hint of insider trading in these transactions. (via Athens News) Read also

 Andrikos Papandreou has filed three lawsuits against Kammenos with the last one filed beginning of the month: Papandroeu asks the court to fine Kammenos with 50,000 euro every time INDEPGREEKs leader speaks out or write the name of “Papandreou”. 

On his part, Kammenos filled two lawsuits against Andrikos Papandreou over the CDS and the Unigestion company.

Andrikos Papandreou is the youngest son of former PM and PASOK founder Andreas Papandreou.