Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ
June 23 2010 - 09:56AM
Dow Jones News
Greek telecom incumbent Hellenic Telecommunications Organization
SA (OTE) said Wednesday that its embattled chief executive officer,
Panagis Vourloumis, will maintain his position despite facing
prosecution for alleged corruption.
Vourloumis will face criminal prosecution on accusations of
corrupt practices over maintenance network contract extended to
telecom equipment makers Siemens AG (SI), Anko and Greece's
Intracom Holdings SA (INTRK.AT), which allegedly damaged the
company and public finances.
OTE recently released a statement saying that all of its
executives acted in the best interests of the company.
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 the firm's management.
At Wednesday's directors' meeting, five old members of the board
submitted their resignation and were promptly replaced. The new
members' tenure is until the general assembly of shareholders in
2012.
-By Nick Skrekas of Dow Jones Newswires, +30 210 2830685;
nskrekas@trk.forthnet.gr
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