The President of Jet Oil, Kyriakos Mamidakis, committed suicide just a couple of days after the company filed for bankruptcy and protections from creditors. The 84-year-old businessman was found dead Sunday in his villa in Dionyssos in northern Attica. He had shot himself with a pistol.
According to Greek media, he was found with a bullet in his head, the pistol was laying next to him.
“All signs hint at suicide,” media note and speak of a “shock” about the way a businessman of “the old school” dealt with the crisis of his company.
On June 9th, Mamidoil Jetoil, filed for protection from its creditors to which it owes 314.5 million euro.
According to ekathimerini,
“The company, owned by the Mamidakis Group, attributed its debts to the economic contraction, the slowdown in international economic activity, which has affected demand in the fuel market, and the reluctance of local banks to finance its activities, mainly through guarantees for oil imports.
Of Jetoil’s debts, some 184 million euros are owed to banks, 87 million to suppliers, 2.5 million to the Greek state, 650,000 euros to the social security funds and 920,000 euros to its employees, among others.”
The parent company of Jet Oil was formed in the late 1960s by Kyriakos, Giorgos and Nikos Mamidakis from Anoskeli village of the island of Crete. Jet Oil grew to become the third largest fuel company in Greece, with 600 gas stations.
However problems reportedly started year ago. Jet Oil lost many of gas stations as it could not supply them with fuel due to its debts to suppliers.
“For months the local market has considered the company’s financial state as irreversible,” ekathimerini notes.
The bankruptcy application is expected to be examined on November 1st 2016. The company has 200 employees.
Dear George and Nikkos,
My sincere regards to your family in the loss of
my dear friend, your brother Kyriakos!
Sending deepest sympathies and having loving memories.
Please feel free to call me at (805)
Warmest regards,
Kosta Kapnisi