Hellenic Telecoms CEO To Face Criminal Prosecution - Source

Date : 06/11/2010 @ 8:10AM
Source : Dow Jones News
Stock : Hellenic Telecommunications Organization S.A. (OTE)
Quote : 3.61  0.0 (0.00%) @ 2:05AM

Hellenic Telecoms CEO To Face Criminal Prosecution - Source

Hellenic Telecommunications (NYSE:OTE)
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The head of Greek telecom incumbent Hellenic Telecommunications Organization SA (OTE), Panagis Vourloumis, will face criminal prosecution on accusations of corrupt practices, a judicial source said Friday.

The accusations stem from certain contracts extended to telecom equipment makers Siemens AG (SI), Anko and Greece's Intracom Holdings SA (INTRK.AT)

"Prosecutors decided that the chief executive officer of OTE has a case to answer of 'betrayal of trust' in taking decisions that damaged public finances regarding overcharging in network maintenance contracts between 2003 to 2007," said the source, who requested anonymity.

The Greek state has an 20% stake in Hellenic Telecoms and Deutsche Telekom AG (DT) has a 30% holding. Both the German giant and the government appoint management.

Hellenic Telecom said in a statement that "all of our executives acted in the best interest of the company and we are studying the decision before we take legal actions in our defense. We are convinced these charges will prove groundless."

Vourloumis declined to comment when contacted by Dow Jones Newswires.

-By Nick Skrekas of Dow Jones, +30 210 2830685; nskrekas@trk.forthnet.gr


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