Representatives of troubled ELFE (Hellenic Fertilizers and Chemicals) will need to provide a detailed list of all company assets, under oath, or risk being arrested for inaccuracies or omissions, according to a court ruling prompted by legal action taken by Greek gas utility DEPA, owed 120 million euros by the industrial producer.
Acquired in 2009 by failed businessman Lavrentis Lavrentiadis, the one-time majority shareholder of the liquidated Proton Bank, ELFE, a run-down venture, has morphed into various other ventures, the most recent being Cypriot firm Revera Holdings, the intention being to avoid servicing debt. This series of firms has, more or less, shared the same headquarters, according to DEPA.
DEPA, backed by the court ruling, is now applying pressure on the Lavrentiadis team to disclose hidden revenues and assets linked with ELFE.
The gas utility took legal action against Lavrentiadis and his associates last December, prompting criminal fraud and formation of a criminal organization charges.