Victor Restis released after almost five months in custody

One of Greece’s best known businessmen, 45-year-old Restis had been held in Korydallos prison in Athens since 26 July, under investigation for loans issued by Greek First Business Bank (FBB) when he was executive chairman.

On 3 December he was granted conditional release from pretrial custody. The investigating magistrate, with the agreement of the public prosecutor ordered Restis must not leave the country and must regularly present himself at his local police station.

Lawyers acting on behalf of the businessman said in freeing him the justice system had correctly judged the real facts of the case in conjunction with the essential new facts and judicial moves made by Restis. "Mr Restis, with a sense of responsibility, will fight to the end to prove his innocence and at the same time, with the thousands of his personnel, will continue his business activities in Greece and abroad," they said.

Restis denies he was the recipient of a EUR5.8m loan granted by FBB, claiming the money ended up in the account of an associate. He is also being investigated for a number of other business loans by FBB which allegedly went to companies either linked to him or FBB shareholders. Restis and his family were majority shareholders in the bank before it was absorbed by the National Bank of Greece in May after it was unable to raise private funds as part of the recapitalisation process in the Greek banking sector.

Restis had deposited $5.8m into the state-owned Deposits and Loan Fund to show his willingness to cooperate but it took three court appeals before he was freed.

Prior to his arrest Restis had clashed with the American coalition United Against Nuclear Iran and its ceo, Mark D Wallace after UANI sought an official probe into the Restis group and its alleged dealings with Iran. The group subsequently went to court alleging libel and other offences against UANI and Wallace. Wallace accused Restis, FBB, and the group's shipping firm, Enterprises Shipping & Trading, of fronting “for the illicit Iranian regime”.