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Marfin facing felony charges over loan to Frangrou controlled investment firm

Marfin facing felony charges over loan to Frangrou controlled investment firm
The chairman of Marfin Investment Group (MIG), Andreas Vgenopoulos and 14 Marfin Popular Bank executives are facing felony charges in connection to a loan allegedly granted to investment firm IRF owned by Greek shipowner Angeliki Frangou.

Greek media reports that it emerged from the case file, 6 October, the unsecured loan was allegedly granted for the purchase of MIG and Marfin Popular Bank shares. Authorities allege the initial EUR75m ($83.6m) loan eventually reached about EUR200m through refinancing.

According to the case file the loan, to now, IRF has not repaid the loan, one of the reasons the shipowner, who controls the Navios Group which has four companies listed on the New York Stock Exchange (NYSE) is among those being prosecuted in the case.

The bankers are accused of having breached their fiduciary duty, whereas Frangou was charged with complicity to the breach, as well as money laundering.

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