Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Death Of An Oligarch

Posted by hkarner - 6. November 2016

Saturday, November 5, 2016 Observing GreeceKastner

Aged only 63, Andreas Vgenopoulos, the principal behind the Marfin Group, died earlier today. The question now is how many enterprises will cease to exist in the wake of his death.

A couple of years ago, I spent quite a bit of time researching the activities of the Marfin Group, the group’s dealings with its principal bank (Piraeus) and the dealings of important Greek businessmen who were directly or indirectly associated with Mr. Vgenopoulos (such as George Provopoulos, the former governor of the Bank of Greece).

It often happens that large business groups which have the characteristics of a house of cards are held together only by the presence of an almighty founder, the person who can hold the group together by his sheer presence. In the presence of such a ‚leader‘, all others become followers. If the ‚leader‘ is a crook, the followers become accomplices. None of them has the courage to stand up and be counted.

When such a ‚leader‘ suddenly disappears (sometimes because he has to go to jail), all hell can break loose. Suddenly, all the former followers find the courage to report about all the bad things which have been going on and which they always knew would drive the group into the ground. The classic Saul-Paul conversion.

The only trouble with the Marfin Group is that the skeletons which may come out from its closets could be rather huge, so huge that there could be consequences and threats to stability for other areas. Marfin and Piraeus Bank recorded transactions where the outside observer can only marvel how they came about (like the 3,4 BEUR profit which Piraeus took on the purchase of Greek branches of Cypriot banks). There seem to have been quite a few ‚quid’s‘. The questions will be what were the ‚quo’s‘ and who received them.



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