IPTO, the power grid operator, has filed charges against its former chief executive Giannis Blanas seeking the return of approximately 300,000 euros, a sum linked to an exorbitant pay rise the official had given to himself, including retroactive sums, while heading the company. This legal challenge comes following a decision reached by IPTO’s board just a few days ago.
Blanas, while in charge at IPTO, is believed to have taken the initiave to increase his monthly salary from approximately 4,600 euros to 20,000 euros.
In his struggle to avoid returning the amount sought by IPTO, the official has, until now, contended that he acted in accordance with a law ratified late in 2015 that abolished a remuneration upper limit set for administrative officials serving at utilities.
Meanwhile, IPTO’s current administration is set to resign this Friday as a result of the changes taking place following SGCC’s (State Grid Corporation of China) acquisition of a 24 percent stake in the operator. A new board will need be appointed, as specified by the new IPTO shareholders agreement.
At this stage, it remains unclear how extensive the board changes at IPTO will be. An additional four seats will be added to the operator’s current five-member board. SGCC will be entitled to appoint three board members of its choice.
Unconfirmed reports suggest that a decision has been reached for a new chief executive. SGCC will need to provide written consent for the appointment.