“Stock games” under the scrutiny of justice

The District Attorney stepped in on Tuesday after articles - one from our newspaper Proto Thema on Sunday - claimed that some people might have made a lot of money during the hours of negotiations between the possible merger between Ethniki and Alpha Bank.

Giannis Sakelakos, the head of District Attorneys, has ordered a preliminary investigation into all monetary exchanges related to the stock of the two banks.

The Committee of the Stock Market has also ordered an investigation into the same issue, focusing on the dates between 18-21 February when the first approach by Ethniki Bank to Alpha Bank was made. According to the Stock Market Commission, prices of Alpha stock rose by 33% and those of the National Bank by 18%.

The investigation is under District Attroney Isidoros Dogiakos, who has been ordered to determine whether this case involves the commission of statutory offenses such as that of insider trading.

The offense becomes a felony if it leads to the perpetrators profiting by 100.000 euros or more.