A new tax fraud case involving millions of euros is under scrutiny by the authorities. At its centre is Angelos Giannakopoulos, the businessman who became known for the “Choriatiko” bakery chain and has previously faced legal proceedings. Mr Giannakopoulos was arrested yesterday, Sunday, as part of a police investigation.
Police are examining his financial activities, but it is not yet known which companies and transactions are covered by the investigation. According to reports by ERT, the case concerns possible tax evasion and the non-payment of VAT and social security contributions, with the loss to the state estimated at potentially more than €100 million.
Market sources say that in recent years Giannakopoulos has also moved into beach bars, with operations stretching from the Athenian Riviera to Mykonos, Santorini, Rhodes and Crete.
As for “Choriatiko”, it was launched in 1999, with its first shop on Michail Voda Street in central Athens, and gradually grew into a bakery chain. However, according to market executives, Giannakopoulos has now withdrawn from the business, although it is unclear exactly when this happened.
The “Choriatiko” shops, which continued to operate normally, have different tax identification numbers and are linked to people with no apparent business ties to Giannakopoulos.
Ownership has also changed at Bread Factory, which launched in 2016 in Moschato and was previously associated with the Giannakopoulos family. The company changed hands a few years ago, and again at the beginning of this year. As a result, the network’s 10 shops are now operated by independent business owners under a franchise model.
Market sources say that the Switz Group, owned by the Korakiouala family, is responsible for supplying the shops with products through “Koulourades”.
For now, there is not enough confirmed information about the businesses linked to Angelos Giannakopoulos, or the stakes he may hold in them. It is also unclear which of these activities are being examined by the authorities.
The arrest has once again brought his earlier court cases into focus. In 2007 and 2008, police investigated cases involving the exploitation of women and money laundering.
According to reports at the time, the businessman was sentenced at first instance in 2015 to 10 years and six months in prison. He appealed and was released under conditions on bail of €200,000. In 2018, he was acquitted alongside 19 other defendants in a separate but related case, after the court found there was insufficient evidence.
The earlier cases are separate from the current investigation into possible tax fraud, which is still under way.