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Victor Restis refutes Iranian business links

Victor Restis refutes Iranian business links
A leading Greek shipowner has refuted allegations a small Greek bank he and his family controlled engaging in illicit dealings with Iran and busting US and European Union-imposed oil sanctions. The US lobby group, United Against Nuclear Iran (UANI), claims Iranian sources had sought to channel funds through First Business Bank (FB Bank) of which shipowner and business entrepreneur, Victor Restis was chairman and controlled by him and his family.

One of the most well-known names in Greek shipping and the wider business community, with interests Greece, Eastern Europe, the Middle East and South Africa covering shipping, media and real estate, Restis has strongly refuted the allegations.

The allegations were made, a day after a process commenced for FB Bank to be absorbed by the National Bank of Greece (NBG) after Greece’s largest bank won a tender. The transaction involves Euro 1.403bn ($1.8bn) in liabilities, which includes Euro 1.23bn worth of loans, according to a NBG statement.

Restis and his family had controlled FB Bank for some 12 years and is estimated to have put at least Euro 150m into the 16-branch operation of which it owned 64%. The takeover is part of the recapitalisation programme of Greek banks ordered by the country’s creditors. Restis would have had to find Euro168m to keep FB Bank, but opted “to spend any money available in shipping”.

Involved in dry bulk and tankers, Restis is Greece’s sixth largest shipowner with a fleet of 92 ships of 8.334m dwt and is a main backer of the Nasdaq-listed bulk carrier owner, Seanergy Maritime Holdings.

UANI claims Restis was involved in the formation of a strategic alliance between FB Bank and Iran’s ministry of Petroleum.

The allegations, stem from a letter by Greek businessman Dimitris Cambis, who is on the US Treasury Department’s blacklist. According to those who have seen the Cambis letter, dated 25 April, 2012 and signed by Cambis on the letterhead of Athene Consulting House, he requests a meeting aimed at “initiating and concluding a strategic agreement” with FB Bank.

The letter proposed FB Bank as a partner of the Iranians because Restis was seen as “an eminent international businessman” who might derive synergies from such a deal. Those who have seen a second document referred to by UANI, say it appears to present a draft consultancy agreement for an intermediary in the project, Concept Consultancy, and is also dated 25 April 2012.

There was no evidence either proposal was realised.

On 9 May the US Treasuary department's Office of Foreign Asset Control (OFAC) added Cambis associated company Sambouk Shipping to its blacklist and accused Cambis of taking part in a campaign to evade sanctions aimed at Tehran’s oil trade. Mid-March, Washington first claimed Cambis was secretly operating a shipping network on behalf of the Iranian government to get around international sanctions on the country's sale of oil. At the time US authorities put a freeze on his US assets. Cambis is claiming gas contracts he holds are the real target.

Cambis burst onto the shipping scene last summer when he emerged as being behind the purchase of eight VLCCs in a matter of weeks, amid persistent suggestions some of the ships were being used to carrying clandestine shipments of Iranian oil to China. He denied sanction busting, but admitted he had bought the tankers as part of a new UAE venture.

Restis' dry bulk operation, Enterprises Shipping & Trading released a statement saying: “Victor Restis, in his personal capacity and as shareholder of Enterprises Shipping & Trading, and all affiliated companies, unequivocally and categorically refutes any involvement, arrangement or transaction of any kind whatsoever between him and any of his affiliated companies with Dimitris Cambis or any of the companies or entities Cambis represents.

“Restis refutes with the same emphasis and sentiment denies any involvement, arrangement or transaction with any other sanctioned entity including the National Iranian Oil Company and/or National Iranian Tanker Company.”