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Kontominas Set Free on 5M Euro Bail

The judicial council has decided to release Dimitris Kontominas on terms proposed yesterday by inquisitor Giorgos Andreadis, including a 5 million euro bail.

The terms include an unprecedented five-million-euro bail – an amount never imposed before in a similar case — along with the restrictions such as being banned from leaving the country and reporting regularly to a police station

Kontominas is accused of incurring a 16-million-euro loss for TT Hellenic Postbank via unsecured loans.

The investigating magistrate and the prosecutor failed yesterday to reach an agreement on whether Kontominas, one of the accused in the case concerning unsecured loans handed out by Hellenic Postbank, should be held on remand.

During testimony to authorities, Kontominas claimed that it was up to bank's board of directors to decide which loans would be granted and under what terms. It was up to the bank's board of directors to decide the terms of the loans

Kontominas also said that he is willing to put his private property worth more than 7 million euros and his stocks in Alpha TV, worth 46 million euros- if necessary- as collateral for the loans received.

Who is Demetris Kontominas?

Demetris Kontominas is a Greek businessman, born in Athens in 1939. After completing his studies at the American University of Beirut, he worked as an insurance agent in American Life (ALICO) company. In 1969 he founded with his partner, Alexandros Tambouras, Interamerican insurance company.

Besides Interamerican, he has founded or bought a series of companies, including Interbank (which later was absorbed by EFG Eurobank), Intertech, exclusive representative of Panasonic in Greece, Euroclinic, medical clinic, Novabank, later was renamed Millenium Bank, Interjet helicopters and aircrafts, GreenFarm, stores selling organically grown products, while between 1998 and 2001 he was the owner of PAE Aris team.

He owns 33% of Alpha TV channel and 66% of Alpha Radio

He owns 33 percent of the stocks of Alpha TV channel and 66 percent of Alpha Radio, as well as VillageRoadShow Greece. (DEMCO).

DEMCO GROUP is one of the largest investment holding companies in Greece. It has a highly diversified portfolio, with a stronghold in a vast range of industry sectors, such as Media, Financial Services, Entertainment, IT & Telecoms, Leisure and Entertainment and Food & Beverages. Within its companies' portfolio is Village Group (Cinema & Films), Alpha TV and Alpha Radio, Intertech (Panasonic’s exclusive representative in Greece), Prime Insurance, myDirect online insurance and many more.

In 2005 a prosecutor had pressed felony charges against him for forgery and embezzlement after Greek South Africans claimed he deceived them in violating terms of investment contracts. He was taken to trial for this case three years later and was released in 2010 after posting bail of 300 thousand euros and was banned from traveling abroad.