Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ

Date : 06/23/2010 @ 9:56AM
Source : Dow Jones News
Stock : Hellenic Telecommunications Organization S.A. (OTE)
Quote : 3.61  0.0 (0.00%) @ 2:05AM

Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ

Hellenic Telecommunications (NYSE:OTE)
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Greek telecom incumbent Hellenic Telecommunications Organization SA (OTE) said Wednesday that its embattled chief executive officer, Panagis Vourloumis, will maintain his position despite facing prosecution for alleged corruption.

Vourloumis will face criminal prosecution on accusations of corrupt practices over maintenance network contract extended to telecom equipment makers Siemens AG (SI), Anko and Greece's Intracom Holdings SA (INTRK.AT), which allegedly damaged the company and public finances.

OTE recently released a statement saying that all of its executives acted in the best interests of the company.

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 the firm's management.

At Wednesday's directors' meeting, five old members of the board submitted their resignation and were promptly replaced. The new members' tenure is until the general assembly of shareholders in 2012.

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

 
 

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