Former CEO of Hellenic Postbank Aggelos Philippidis was arrested on Wednesday morning right upon his arrival in Athens airport. He was immediately handcuffed by Greek policemen and taken to police headquarters and from there to the prosecutor. He will give testimony next Monday.
Aggelos Philippidis is to face felony charges on money laundering and fraud over suspected crony loans he allegedly gave as CEO of the Hellenic Postbank to several Greek businessmen. The loans of estimated worth 400-500 million euro were given between 2006 and 2011 without the sufficient guarantees, while some of them were never paid back.