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Hellenic Telecoms CEO To Face Criminal Prosecution - Source

ATHENS -(Dow Jones)- The head of Greek telecom incumbent Hellenic Telecommunications Organization SA (OTE), Panagis Vourloumis, will face criminal prosecution on accusations of corrupt practices, a judicial source said Friday. The accusations stem from certain contracts extended to telecom equipment makers Siemens AG (SI), Anko and Greece's Intracom Holdings SA (INTRK.AT) "Prosecutors decided that the chief executive officer of OTE has a case to answer of 'betrayal of trust' in taking decisions that damaged public finances regarding overcharging in network maintenance contracts between 2003 to 2007," said the source, who requested anonymity. The Greek state has an 20% stake in Hellenic Telecoms and Deutsche Telekom AG (DT) has a 30% holding. Both the German giant and the government appoint management. Hellenic Telecom said in a statement that "all of our executives acted in the best interest of the company and we are studying the decision before we take legal actions in our defense. We are convinced these charges will prove groundless." Vourloumis declined to comment when contacted by Dow Jones Newswires. -By Nick Skrekas of Dow Jones, +30 210 2830685; nskrekas@trk.forthnet.gr

Stock News for Hellenic Telecommunications (OTE)
DateTimeHeadline
09/02/201009:46:38Telekom Austria:No Interest In Minority Stake Of Telekom Srbija
08/05/201004:00:18OTE Swings to Net Loss Hit By Greek Economy And Taxes
06/23/201009:56:17Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ
06/15/201009:34:10Greece, China Sign New Commercial Contracts; MOU On Shipping
06/11/201008:10:28Hellenic Telecoms CEO To Face Criminal Prosecution - Source
06/07/201005:13:35Greece's OTE Lowers 2009 Dividend As Part Of Cost-Cutting
05/12/201001:45:57Deutsche Telekom Swings To Net Profit, Sales Slightly Lower
04/26/201005:57:08EARNINGS PREVIEW: European Telcos' Mobile Revenue To Improve
03/17/201009:33:51Deutsche Telekom Expands Services To Tap New Revenue Streams
11/05/200912:50:12Deutsche Tel, Telcom Italia Beat Views But Weak Points Remain
11/05/200903:26:06Deutsche Telekom 3Q Net Profit Up 7.2% On Cost Savings
11/05/200901:44:05Deutsche Telekom 3Q Net Profit Up 7.2%, Keeps 2009 View
11/03/200907:38:07EARNINGS PREVIEW: OTE 3Q Net Profit Seen -21%
10/23/200908:00:03EARNINGS PREVIEW: European Telcos 3Q Mixed; Pressure On Revenue

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