The testimony of the prosecution witnesses within the trial of the Achaian Cooperative Financial institution was accomplished yesterday on the Three-member Court docket of Prison Appeals of Patras, with the examination of the sworn accountant of the corporate Deloitte, Alexandras Kostara.
Mrs. Kostara was referred to as in November 2013 by the Monetary Crimes Prosecutor, following the closure of Achaiki by the Financial institution of Greece, to hold out an accounting professional opinion, so as to examine whether or not the authorized entity, the pure individuals who had shares in it or the State , suffered a loss or not, of what quantity and by what particular actions of the individuals who managed the financial institution in query.
The witness reported to the courtroom what she had testified within the interrogation, quoting the findings she had additionally made in her report.
Primarily based on the fabric that had been delivered, it appeared that it was not doable to precisely file the injury, nor might it even be assessed when it comes to magnitude. With a view to discover the injury, the liquidator ought to have carried out an evaluation of the worth of the collateral, in order that by deducting this quantity, the injury may be discovered. Such a valuation had not been completed then, whereas the method has not been accomplished even right now, the chartered accountant states in her report.
Mrs. Kostara identified that many particulars regarding loans that had been given had been utterly lacking or had been looked for and located in legislation workplaces.
Referring to the way in which the financial institution operates, she reiterated that there have been no recorded inside procedures and no particular coverage to find out if there was a violation of the foundations within the granting of loans.
The chartered accountant added that in grants the non-public ensures weren’t checked so as to have an accurate evaluation of the creditor, as she states in her conclusion. All of the loans had been permitted by the board of administrators, whereas he famous that there have been no safety measures within the financial institution.
In reality, he stated that each one cooperative banks operated in an identical manner on the time and solely lately had been company governance guidelines set by the supervisory establishments.
The trial continues on Could 29 with readings and the examination of protection witnesses.
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