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Assets of Greek copyright company AEPI eized

Greek first-instance court prosecutors on Wednesday ordered that all intangible assets and bank accounts of the Hellenic Society for the Protection of Intellectual Property (AEPI) be seized or frozen up to the sum of 10 million euros, in light of a case built against the company based on reports of financial irregularities and mismanagement.

According to sources, this also covers securities for a Eurobank loan of 3.5 million euros that AEPI is failing to service. It follows earlier orders for the seizure of personal bank accounts and safety deposit boxes of AEPI's board members.
AEPI and its board are under investigation for embezzlement, forming a criminal organisation, breach of trust, tax evasion and money-laundering. It has been the target of an investigation since September, when it refused to submit to a tax audit. The criminal charges were added after a report by chartered accountants Ernst & Young revealed the loss of 50 million euros from its books in the space of four years.