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Felony charges filed in OTE procurement case against CEO

The Hellenic Telecommunications Organisation (OTE) President and CEO Panagis Vourloumis and another OTE executive were referred to a three-judge appellate felony court on Friday on breach of faith charges stemming from alleged over-charging on contracts signed by the telephony utility between 2003 and 2007.
The “lion’s share” of the contracts involve purchases from German multinational Siemens and the biggest telecoms equipment producer in Greece, Intracom.
The director of OTE’s technical networks division, Giorgos Ioannidis, was also indicted, while seven members of OTE’s board of directors have been cleared of wrong-doing.
In a later statement by the listed company, OTE expressed certainty that the charges will be proved groundless.
The statement underlined that “OTE executives, who made the relevant decision, acted solely for the benefit of the company, managing in the best possible way the situation they inherited.”

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