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April 26, 2013

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2 More Arrests Over Acropolis Securities' 40 BILLION Euro Debt

Police arrested two board members of Acropolis Securities SA for their share in the brokerage's debt to the state, which approaches a staggering 40 billion euros (or roughly 18 percent of Greece's GDP).

According to an announcement issued by the Attica Security Protection of Property Rights Department, which carried out the arrest, each of the brokerage's former board members now in custody is charged with unpaid debts to the state of approximately 6.38 billion euros.

Those arrested on Wednesday include the Acropolis Securities vice-president, aged 49, and a 46-year-old member of the brokerage's board. The precise amount of their debt to the state, as listed in the court orders against them, comes to 6,388,681,939.10 euros each.

According to the police, the debts of Acropolis Securities SA, combined with the fines imposed on the brokerage by the finance ministry's financial crime squad SDOE, is just shy of 40 BILLION Euros and has been divided equally among each member of the former and current board.

The arrest of the 40-year-old former vice-president of the brokerage, Theodoros Priniotakis, and his two sisters Christina and Katerina, aged 30 and 37, both former board members, followed the arrest a few days ago of the company's former president. The two arrests on Wednesday complete the round of arrests in connection with the case.

Acropolis Securities SA was also the brokerage firm involved in the notorious structured bonds scandal of 2007, in which a number of Greek pension funds lost money through the purchase of these complex financial instruments at well over their going rate on the market, and has since had its license revoked.

All six suspects arrested will be led before the appropriate Misdemeanours Court prosecutor.

(AMNA)

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