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> Economy

Greek banker who sheltered in London during Greek crisis takes legal action

If Millas is successful in his suit, he may receive damages of up to $118,500 (78,300 pounds).

Newsroom November 25 10:24

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Greek banker Omiros Millas, a former National Bank of Greece executive, said he was harassed for warning that his firm risked breaching regulations on valuations, confidentiality and money laundering. For this reason, he was alienated for “sheltering” in London and said he had endured “covert exclusion and covert undermining of his role” simply by warning companies that they were at risk of violating various Financial Conduct Authority regulations.

Millas release a statement concerning his treatment. He said that he was “alienated from high-ranking National Bank of Greece officers, not because (he is) Greek, which applies to almost all of the bank’s employees, but because (he is) a Greek who has sheltered during the Greek crisis in the comfort of NBGI Private Equity in London.”

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Millas, who joined the NBGI when it was set up in 1998, said that he warned NBGI that it had valued its assets incorrectly and was in breach of confidentiality regulations. As a result of this he was undermined and finally dismissed along with another five executives of which all but one were of Greek origin. The thirteen executives that were retained were mainly British with only one being of Greek origin.

In a document filed to the tribunal currently taking place to examine Millas’ dismissal, the bank said: “By early October 2014 there was no longer any need for Mr. Millas to carry out any more work in relation to the sale, and he was doing very little work at all, as illustrated by the fact he was frequently not even attending NGBI’s offices.”

According to Bloomberg, if Millas is successful in his suit, he may receive damages of up to $118,500 (78,300 pounds).

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