Private electricity providers Energa and Hellas Power declared their intention to return 103 million euros to the Greek state on the first day of their trial for embezzlement and money-laundering.

The 19 accused executives of the two companies that have been charged with criminal degree embezzlement, criminal-degree smuggling and money-laundering appeared before an Athens Criminal Appeals Court on Friday.

At the beginning of the hearing, the defendants said that they are willing to return the sum of 103 million euros from company’s accounts that have been frozen since February 2012, in order to qualify for lighter penal treatment, under a new law that was passed in the end of 2014.

It should be noted that the above sum includes payments of a property tax collected by the government via power bills.

Based on the charges, the state accuses the 19 executives of the two companies of collecting property taxes paid by citizens and withholding them from the state, resulting to damages amounting to 257 million euros.

However, the defendants refute this sum and offer to return 52 million euros to the State, 29 million euros to municipalities and the remainder of the 103 million to the Electricity Market Operator (LAGIE) and the Independent Power Transmission Operator (ADMIE).

If the defendants, that include Hellas Power CEO Vasilis Milionis and Energa CEO Aristidis Floros are found guilty, they could face sentences amounting to many years, or even life imprisonment.

The trial was adjourned until February 5 to allow the court time to determine whether a ruling on the return of the money should be delivered by a Criminal Appeals Court or referred to the Appeals Justices’ Council.