Yiannis Beltsios, an intimate associate of the former Greek Defence Minister, Akis Tsochatzopoulos who was jailed for 20 years in October for money-laundering and accepting bribes for armaments procurement, is in pre-trial custody after a decision by the investigator and prosecutor. Officials believe that Beltsios is a flight-risk and they therefore ordered that he be detained.
Yiannis Beltsios is facing charges of involvement in corruption and bribery relating to the procurement of four German submarines for the Greek navy within the last decade. He is also accused of money-laundering and of paying bribes of over 65.5 million euros to Greece ‘s officials.
According to German documents provided to Greek judicial authorities, Beltsios appears to have played a key part in the scandal as he was involved in the distribution of bribe money among the co-conspirators.
According to German authorities, Akis Tsochatzopoulos personally recommended Beltsios to the German company Ferrostaal, as someone with large numbers of useful contacts. Beltsios denies all the charges and claims that no money was transferred through his personal bank accounts.
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