Nammos: €3.1 million fine for tax evasion - What AADE auditors discovered

For 2018-2019 alone, the amount of tax evasion in the Mykonos restaurant, which is managed by Zannis Francescos and Sami Ibrahim, is 1,562,529.81 euros, and together with the fine and surcharges it reaches a total of 3,119,434.51 euros. The fine was communicated to two of the three founders of the famous Mykonian restaurant - the third left for good seven years ago - who manage the business, and it amounts to 1,556,905 euros with surcharges.

After the deal with ADMO, a company of the interests of Sheikh Tahnoun bin Zayed al Nayan of Abu Dhabi, the Francescos - Ibrahim duo own 55% and ADMO 45%. According to the auditors of AADE, the two managers are said to have founded at least 58 limited liability companies in which most of the company's financial obligations were transferred.

The audit will continue for the next financial years, while, according to information, in addition to the tax evasion and levy evasion revealed by the AADE audit, there are also many complaints from the employees of "Nammos" in Mykonos.

Debts and status

According to the control carried out by a team of AADE, only for the year 2018-2019 the company that was renamed from Nammos restaurant by the sea (NRBS) to ZS Estiasias S.A. (from the initials of their names obviously) did not pay VAT, FMY (Employed Services Tax), stamps and income tax.

More specifically, the amount of VAT amounts to 47,993.12 euros, i.e. it is slightly below that of 50,000 euros or more which brings prosecution for the specific offense of non-payment of the specific tax. The two managing partners also did not return to the state the VAT amounting to 129,150 euros and 21,027.78 euros as well as two levies worth 110,043.20 and 382,707.29 euros respectively.

Finally, the income tax amounting to 871,608.42 euros was not paid, with the total debts reaching 1,562,529.81, while the accountant of "Nammos" Chrysostomos Koukovinos probably did not have convincing answers during the audit. This was followed by the fines imposed by AADE, which amounted to a total of 781,264.91 euros, but also the appropriate surcharges which reached 775,639.80 euros.

Despite the tax evasion and tax evasion detected by the auditors, the two partners continue to lead a luxurious life outside the Greek borders with Zanni Francesco permanently settled in Monaco and Sami Ibrahim in Dubai. The two partners-co-managers are involved in the specific management regime of 'Nammos' having established a labyrinth of at least 58 IKE companies, to which they allegedly transfer their financial obligations and draw liquidity for their personal needs.

Nammos restaurant by the sea (NRBS) through a labyrinthine path became Nammos World IKE and ended up ZS Catering, while the duo maintains these 58 related companies that were or are connected through claims and obligations to each other. Some of them have names like Sami Investment, Nasser Royalties, Zenane Holdings, Naura Investments, Anezan Investment which are the names of their children, while others got imaginative names like Beautiful Sunset.
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Continuity of controls and commitment

After the first findings, the checks will continue for all previous years, while within the week Zanni Francesco and Sami Ibrahim will be notified of the final total fine of 3,119,434.51 euros. The formal procedure then foresees the freezing of the company accounts as well as of these two administrators of the Mykonian "Nammos".

Francescos and Ibrahim hold a 55% stake in the Mykonos restaurant, while the Arabs of ADMO have 45%, which does not allow them to have a say in its management and operation.

Although the two partners had committed after signing the deal, which was followed by the payment of all the debts they had created to the State and suppliers, that everything would now operate by the book in Mykonos, this did not happen. They have also not accepted, as had been expressly agreed upon, the entry of a financial director of their choice on the part of the Arabs, while they have also not allowed the audit by a certified public accountant for the fiscal year 2023 in which he had entered the company with 45% and the ADMO.

Thus, the problems of mismanagement and the debts to the State returned, while several suppliers, among them a well-known manufacturer of the island, are one step before the court, since they have not been paid for months.