SCAMS: While the government takes pride (with some justification) in its public-sector platforms, the latest case files show that technology can serve the crooks just as effectively — and more profitably.
In the Pizza Fan case, specialist software offered a “treat” option. The order was delivered as usual, but could be closed out without a receipt.
It was, of course, recorded in the central system, so those involved knew the real turnover. In other words, this was double-entry bookkeeping in a thoroughly up-to-date form!
In Thessaloniki, meanwhile, the Independent Authority for Public Revenue (AADE; pictured is George Pitsilis) describes more than 2,000 businesses, 1,300 “front men”, 4,200 tax identification numbers and debts of more than €203 million.
According to the authority, people with serious health problems were recruited — even outside Theageneio and Agios Savvas hospitals — to pose as managers of companies and shops!
An electronic file containing 4,036 Taxisnet codes was found at an accounting firm. The real bosses stayed out of sight, while the state’s digital services were accessed using perfectly valid login details.
Here, however, AADE’s cross-checks played a decisive role. The Pizza Fan case, by contrast, began to unravel only after a tip-off from a person.
And in planning departments, too, the “digital revolution” has had some notable... side effects.
SCAMS II: In a recent, highly interesting article in Kathimerini, our colleague George Lialios sets out the findings of Professor Konstantinos Lalenis in “The five circles of corruption in construction”.
An audit by the National Transparency Authority of the planning department in Rhodes found that the same file had been uploaded in different mandatory fields in 24% of applications. In 12 cases, the final document related to a different plot of land. And 70 cases involving unauthorised buildings resulted in no fine.
The e-Permits system could see that a file had been uploaded. Whether it was the right one, however, was... another matter. So the “empty file” of the past did acquire some content — but it was often completely irrelevant!
Meanwhile, in Katerini, where the investigation also began with a tip-off, 11 people were arrested over an alleged ring in the planning department, involving 151 suspected offences and “going rates” that, according to the case file, reached €7,000.
And it seems that “speed money” has survived the digital transition.
Also worth noting: €30,000 was found divided among 30 folders. In other words, the digital file was filled with irrelevant documents, while the paper one contained... banknotes.
Professor Lalenis reminded us of the Lernaean Hydra: cut off one of its heads and two grew back. But Hercules did not win by cutting off more heads. He won by cauterising the wounds.
As Thessaloniki has shown, the tools are there. The loopholes simply need to be closed before the crooks find them.
Otherwise, the scam artists will keep... updating.
PARLIAMENT: For all the seriousness of the issue, yesterday’s exchange in parliament between Nikos Androulakis and New Democracy’s parliamentary spokesperson, Dimitris Kairidis, did at least provide a little light relief.
When the latter, for example, said that the French diplomatic note to Turkey was harmless, the former asked with feigned sincerity: “If you say you don’t know the content of the note, how do you know it’s harmless?”
And when Mr Kairidis told the PASOK leader, “Not even Turkey is asking the questions you are asking”, Mr Androulakis replied curtly: “Turkey isn’t asking because it has the answers we’re seeking today. Turkey has the diplomatic note; PASOK doesn’t. If we had it, we wouldn’t be asking you.”
It is well known that some parliamentary exchanges serve as... tests of common sense.
PASOK: Just as things were calming down (somewhat) at Harilaou Trikoupi over the prospect of a coalition with New Democracy, Kyriakos Mitsotakis himself threw a... boulder into the seemingly still waters.
After stressing that his party would emerge from the ballot box with a majority of its own, he added that, if it did not, he would seek a coalition government — one that, he said, could only be formed with PASOK, because “Tsipras wants to put us in prison”.
Before the prime minister had even finished (so to speak...) his speech, PASOK spokesperson Kostas Tsoukalas hastened to repeat the party’s big “no”: “The last party you would form a government with is PASOK,” he said.
It remains to be seen whether some willing “green” voices will reopen the issue of such a coalition, given that, as the naysayers have been insisting of late, the November polls now under way show no meaningful rise in support for the main opposition.
To be precise, PASOK is not gaining ground either. But the equally stagnant ELAS, according to the same naysayers, remains the largest force on the centre-left, ahead of PASOK by 2-3 points.
If the reports prove accurate, there is no guarantee that the “green voices” mentioned above will not revive the coalition scenarios. For the good of the country, of course.
ELAS: And what about the prime minister’s statement on his predecessor’s legal intentions?
Mr Tsipras, speaking about corruption amid the continuing revelations, has said: “Mr Mitsotakis bears 100% of the political responsibility. Whether he also bears criminal responsibility will be determined when he answers to the people and to justice.”
“What is strange about that statement?” ask (rhetorically) interlocutors of the ELAS leader. They point out that the party’s choice between “honesty or corruption” will be one of the central themes on the road to the general election.
They also recall that Adonis Georgiadis is the minister who accused Mr Tsipras of taking money from Maduro (in 2012) and of being bribed to change the Criminal Code (in 2019).
And, as they say half-jokingly, half-seriously, “for the government of Adonis to accuse you of criminalising political life — well, that really is too much.”
P.S. The health minister yesterday wondered why Mr Tsipras had not taken legal action against him over the accusations above. That question remains for Amalias to answer...
NOVA ICT: As Nova ICT chief executive Alexandros Bregiannis announced at the Defence Tech Summit, the “Thorax” defence system was delivered a few days ago and has already been integrated into an operations centre.
According to him, the project was completed in 17 months. The system integrates data from multiple sources for all three branches of the Armed Forces. It includes components relating to security, data analytics and decision-making support.
EFA GROUP: The fixed-wing unmanned aircraft developed by UCANDRONE, a company in the EFA Group, are expected to be used in border-surveillance missions and alongside other allied countries within the next few months.
This was announced at the Defence Tech Summit by Ioannis Kakavas, Senior Project Manager, Industrial Collaboration Programs, EFA GROUP. He noted that the company’s aircraft are already being used in similar missions with the Bulgarian army, in addition to their use by the Greek Armed Forces.
Mr Kakavas also spoke about two separate UCANDRONE projects. The “Archytas” unmanned aircraft, developed with the participation of the Hellenic Naval Academy and the company, supported Greek frigates in the European “Aspides” operation (EUNAVFOR ASPIDES) in the Red Sea.
The second project is the ARGO unmanned surface vessel (USV) prototype, which, according to him, is currently detecting mines in trials for the Hellenic Navy.
REAL ESTATE: The Tanweer Group, whose interests are represented by businessman Joseph Samaan, has set up a new company.
The company, “Istorea Properties Single-Member S.A.”, was established yesterday with share capital of €150,000 and the group’s parent company, “City Dynamics Single-Member S.A.”, as its sole shareholder, according to the GEMI registry.
The parent company, “City Dynamics”, based in Glyfada, was established in March 2021 with the Cypriot company Tanweer Enterprises Ltd as its initial shareholder. Following successive capital increases, its share capital has reached €4.08 million, according to GEMI.
Georgios Papantakos has been appointed chief executive of the newly established “Istorea”, while Joseph Samaan takes the chair and Georgios Papadopoulos joins the board.
The articles of association of “Istorea” also provide for activities beyond property transactions, including leasing, management and business strategy consultancy services.
The Tanweer Group is also active in audiovisual production and the distribution of film content.
EUROLIFE: Prem Watsa is handing out generous bonuses to members of the Eurolife Group board, after an extraordinary general meeting of the group’s parent company approved bonuses totalling €17.15 million.
The amount comes from profits from previous financial years and will be distributed among board members on the recommendation of the company’s Remuneration Committee.
The Eurolife Group has been run for several years under the direction of Alexandros Sarrigeorgiou, who until recently held the positions of chair and chief executive.
At the end of October, he handed over the CEO role to Vasileios Nikiforakis, remaining executive chairman. Until the end of October, when they resigned, the executive members of the board included Amalia Mofori and Nikolaos Delendas.
It is recalled that Eurolife Group is distributing €1 billion to its shareholders through a combination of an interim dividend, a dividend from undistributed profits from previous financial years and a return of capital.
BANKS: UBS’s report on Greek banks recommends a “buy” on all of them, judging the preceding share-price decline to have been excessive. The report’s tables, however, contain some specific points of interest.
Piraeus has had the worst share-price performance of the four systemic banks this year. In the third quarter, however, it had the lowest cost-to-income ratio (30.5%), the lowest non-performing exposure ratio (2%) and a 32.5% increase in fee income. UBS therefore sees the greatest upside in the stock, at 29.7%.
National Bank has provision coverage of non-performing exposures of almost 99%, a deposit cost of just 0.22% and a CET1 ratio of 17.5%. With figures like these, an extraordinary dividend looks only a matter of time. UBS forecasts total distributions in 2027 of 8.1% of market capitalisation, the highest proportion in the sector.
Eurobank reported a return on equity of 18% for the quarter. At a CET1 ratio of 13%, the return rises to 20.9%. Its business loans in Greece increased by 15.1% year on year.
Alpha recorded the fastest growth in net interest income (+8.2% during the quarter), and UBS forecasts that its tangible book value will grow by 8.1% a year through 2028, faster than those of the other three systemic banks.