Prosecutor proposes acquittal for ex-media boss

A court is expected to decide on the fate of the former president of Lambrakis Press Group (DOL), Stavros Psycharis, and 10 executives of Alpha Bank after a prosecutor recommended their acquittal on Friday over loans he was granted to the tune of 45 million euros to purchase shares in DOL.

Psycharis, 74, was charged with securing loans without submitting the necessary collateral and guarantees. The 10 executives had been charged with failing to comply with bank regulations.

The prosecutor called for all the defendants to be acquitted because the bank incurred no damage. She added that the loans were legal as they aimed to prevent the collapse of the media group and the layoff of 2,500 workers.

The media group came under the control of shipowner Evangelos Marinakis in 2017.