Hello, the topic of the day is the Parliamentary Preliminary Inquiry into the referral of political figures over the Tempi tragedy. The sense around the Maximos Mansion is that Mitsotakis will attend and deliver an overarching statement about Tempi, especially now that all the conspiracy theories about xylol, tullol, and the “landfill cover-up” have fallen apart.

Karamanlis’ phone calls
– After a long while, Kostas Ach. Karamanlis will speak again from the Parliament’s podium today, requesting that MPs refer him to a Preliminary Inquiry Committee, and from there for the case to proceed to the Judicial Council. The former minister has made several phone calls to both ND MPs and current government ministers who are having second thoughts about the legal grounds for the referral. In all these calls, he asked that they vote for his referral so that no stain remains and to avoid creating a political issue for the party. Everyone he spoke with promised to vote for his referral, but—as always—when it comes to a secret ballot, no one should bet the house on it. Still, Karamanlis is determined that his case must go to a natural judge at any cost, because he believes that’s the only way he can clear his name in the future.

The independents
– Behind the scenes, the maneuvering ahead of tonight’s vote is “lively.” I hear that ND has also been in talks with two independent MPs who are expected to back Karamanlis’ referral based on the ruling party’s indictment. We’re talking about Dimitris Kyriazidis from Drama, who was expelled after shouting something crude at Zoe Konstantopoulou from his seat one afternoon, and Haris Katsivardas, originally from the Spartans party, who consistently supports the government in all critical votes.

PAOK front, Ivan vs. Telis
– The latest chapter in the Ivan vs. Telis derby is unfolding rapidly. Their falling out was made official yesterday with Savvidis’ announcement. Ivan’s people in Greece have hit the local media and business circles hard, looking for dirt on Mystakidis. Also, some… “upstanding lads” from the organized fan groups—no more than 15, I’m told—went yesterday to confront the amateur club president Katsaris… demanding to know why he betrayed Ivan. But I’ll say it again: fans and hardcore supporters these days are quick to swing from “Hosanna” to “crucify him now” when presidents fall out of favor. And Savvidis is in for a rough winter… from afar, in Rostov.

Maximos Mansion – Papamimikos
– Now, Ivan’s go-to guy at PAOK and former ND executive Papamimikos is raging against Telis, telling everyone that Savvidis blames the government for Telis’ entry into PAOK affairs—or at the very least, that he got the green light from the Maximos Mansion. But from the PM’s office, the whole matter is still treated like… holy water by the devil.

The feelings are mutual…
– Still, those who know Mystakidis say his desire to take over PAOK is burning, and his hatred for Ivan is eternal. Someone even told me that last year, Savvidis didn’t renew Telis’ suite at Toumba Stadium that he’d had since 2019. As for his wealth, a well-informed source told me: “Mystakidis has serious cash in the bank—actual cash, not intergalactic assets like shares, properties, factories, ships, etc.—and most importantly, it’s all his, so he manages it however he wants.”

Antique shop
– My, what a lovely Pasok-SYRIZA stew that was at yesterday’s book event for journalist Stavros Lygeros, attended by Samaras and Karamanlis! That is, aside from a few political buddies of the two former PMs, this year’s gathering had nothing to do with last year’s one at the War Museum. Present were Karamanlis’ close friends Stylianidis and Vlachos, Maximos Charakopoulos who’s an all-rounder, Samaras’ regular contact from Messinia Miltos Chrysomallis, and also the Samaras loyalist Giorgos Karasmanis. Theodoros Karaoglou was also there—currently in his final term in Parliament as he aims to run for the Region of Central Macedonia in 2028. And then there was the rest of the progressive movement that backed SYRIZA: Laliotis, Matzouranis, Thanou, Katseli, you name it.

The 5 Kypriotis hotels passed to HIG – Agreement signed
– Let’s kick off the market news with an important update concerning the Kypriotis hotel chain on Kos. According to reports, the agreement has been signed and the process completed for the transfer of the Kypriotis Group to “Kos Participations,” a company owned by HIG. The same sources say the agreement includes the full handover of the hotels to “Kos Participations”/HIG and resolves the issues that had arisen with Hotel Brain after its leasing deal with Kypriotis. Let’s not forget that in 2022, HIG—via Tempus Holding—acquired Kypriotis’ loans worth about €140 million from Eurobank, Piraeus, and Attica Bank. Kypriotis owns five hotels on Kos: the five-star Kipriotis Panorama Hotel & Suites, Kipriotis Maris Suites, and the four-star Kipriotis Aqualand Hotel, Kipriotis Hippocrates Hotel, and Kipriotis Village Resort. The total capacity is 1,522 rooms and 4,500 beds, and the group also operates two conference centers capable of hosting 7,500 attendees.

N. Stathopoulos removed Dragan Šolak from United Group
– Another major business development is the shake-up at United Group. In every company, the majority shareholder calls the shots. And though we used to see and read about Dragan Šolak, the real boss was always Nikos Stathopoulos, BC Partners’ Chairman for Europe. United Group now operates exclusively in European markets, and Stathopoulos judged that a management team with greater experience and specialization in European business was needed. Thus, both Dragan Šolak and CEO Victoriya Boklag are stepping down. Stan Miller is being appointed CEO, and Libor Voncina Deputy CEO. Miller brings over 30 years of experience and a proven track record of driving growth in Europe’s telecom and media sectors. He previously served as CEO of KPN Mobile. Voncina has over 20 years of telecom experience, including roles as CEO of Telekom Slovenia, KPN Mobile International, and Sunrise Communications. Stathopoulos wants to focus on Greece and Bulgaria, which are United Group’s largest markets. The group currently serves over 40 million customers, generating around €3 billion in revenue and €1 billion in EBITDAeL profits in its core markets.

D. Andriopoulos: “I’m not satisfied with the image of our stock”
– At yesterday’s general meeting of Dimand, CEO D. Andriopoulos addressed the stock price, saying: “The stock price has concerned us—and I’ll be the first to say I’m not satisfied with its image. But I’m very satisfied with the company’s performance and believe we’re taking all the right steps for our shareholders—we’re convinced of that. We’re judged on a weighted average basis over a five-year horizon from the moment someone invests, because we execute our projects over three to five years. Likewise, the major family offices that invest globally in companies like ours look at horizons of over five years—sometimes up to seven. For example, the recent deal with ELLAKTOR for the Kamba estate and the Gournes project will require at least four years from today for construction and delivery, with a total investment of €800 million. That alone defines the investment horizon a shareholder should have.”
Andriopoulos also said that for this year, the company aims to pursue “deep—not superficial—talks” about divestment, by the end of 2025, from the Piraeus Tower, the MINION building in Omonia, and the former EEDE property in Kato Patissia, which will be handed over to ELTA at the end of June as the main tenant. As for the Skyline project, properties being sold are fetching “prices about 30% above the business plan,” he said. Additionally, the company will seek partnerships with third-party investors in the housing sector (where it plans to expand, given the government’s announcements on social exchange schemes) and in data hosting and new hotels included in its projects—like the FIX site in Thessaloniki, Gournes in Crete, and the property at Sofokleous and Aiolou, among others.

The Mediobanca Backstage and Peristeris’ First Place Finish
– GEK TERNA is the first Greek concessions and construction group to be covered by Mediobanca, which is currently at the center of a power struggle for its control. Rumors are circulating in the market that an Initiation of Coverage for GEK TERNA is also imminent by another major European player. The truth is that the concessions portfolio—and more—of Giorgos Peristeris’ group has turned into a cash cow with strong returns, attracting more and more investors. As for Mediobanca, it’s worth recalling that the country’s most historic financial institution, with insurance giant Generali as its main shareholder, is in the thick of the M&A action in Italy’s banking sector. The battle for control of the bank—featuring some of Italy’s most powerful business dynasties—is reaching a climax ahead of the crucial general shareholders’ meeting scheduled for September 25. The confrontation was triggered earlier this year when the Caltagirone and Del Vecchio families—longtime heavyweights in the Italian corporate scene—joined forces and submitted a $14 billion takeover bid, leveraging their stake in Monte dei Paschi bank. Mediobanca’s management was quick to respond. In a surprise countermove, it submitted its own offer to acquire Banca Generali, the financial arm of Generali, estimated at $7 billion, in a bid to further strengthen its strategic position. Things got even more tangled when Unicredit entered the fray, acquiring a minority stake in Mediobanca—though it has yet to reveal its intentions.

The Circle of Plaintiffs in the Bluehouse Case Grows
– Yesterday at noon, Messrs. Pizante, Pandis, Minadakis, Madouros, and Voulieris successively passed through the office of Glykeria Mytavtsi, the examining magistrate of the 26th Special Preliminary Investigation Division—summoned by order of the prosecutor—to receive the case file and provide explanations regarding the lawsuit filed by Balmoral, a company linked to attorney Ilias Tsintavis, accusing them of fraud, breach of trust, and forming a criminal organization. In the case of the investment company Bluehouse, the circle of investors accusing it continues to widen. It’s even said that the European Bank for Reconstruction and Development (EBRD), as well as Wolverhumpton from the UK, have requested documents and information in order to file their own lawsuits. This small company, Bluehouse, began in 2004 promising high returns, raised €500 million, and invested in real estate assets across Central and Eastern Europe. Today, it finds itself squarely in the sights of the Justice system.

Non-performing Loans with Servicers Rise to €78.272 Billion
– The loans managed by servicers and transferred to specialized financial institutions abroad are on the rise, as data from the Bank of Greece shows an increase of €3.522 billion in Q1 2025. However, this €3.5 billion jump is not due to the creation of new non-performing loans. Added to the servicers’ portfolios were bad loans previously managed by PQH as well as from securitizations by Attica Bank and Pancretan Bank. Regardless, non-performing loans under servicers’ management climbed to €78.272 billion by the end of Q1 2025, up from €74.750 billion the previous quarter, and from €70.8 billion the quarter before that.

Abstention: The Best Strategy
– Last Friday, trading volume on the Stock Exchange stood at €282 million. The day before yesterday, turnover dropped to €155 million, and yesterday it hit €153.83 million, including block trades worth €37.76 million. Financial analysis seems redundant these days—everyone’s focused on war operations and the “surprises” political leaders have in store. In Athens, the General Index lost up to one percentage point and closed below the 1,820 mark, which technical analysts had been closely watching—ending the session at 1,816.69 points (-0.97%). Banks, despite a barrage of positive reports, didn’t help (Banking Index -1.16%). Coca Cola (-1.57%) barely held on to the €45 level. The Athens Airport and Aegean are not currently in fashion, nor is the Port of Piraeus. A bright exception was the Port of Thessaloniki, with its own tales of business and football intrigue, registering a +1.98% rise to €36. A resurrection from the dead for Frigoglass stock (+5.26%). Since the beginning of the year: +107%, while its debt restructuring advisor, Mr. Vasilis Kararizos, is headed to faraway Nigeria.

Flurry of Block Trades on the Stock Exchange
– Numerous large block trades accompanied yesterday’s fourth consecutive drop in the Athens Stock Exchange. The day’s turnover would have been even lower if not for prearranged trades totaling €37.76 million. Five minutes before the session ended, a mega block trade of 1.35 million PPC shares went through at €13.4 per share, with a total value of €18.09 million—representing 0.36% of its share capital. At the same time (17:15), 760,000 shares of Bank of Cyprus also changed hands at €6.2 per share, totaling €4.712 million. One minute before the close, there was a prearranged trade in GEK TERNA—140,000 shares at €19.7 each, or €2.758 million. Earlier, at 12:10, a package from Alpha Real Estate had gone through—3.9% of its share capital. That deal involved 545,000 shares at €6.68 each, with a total value of €3.64 million.

Data Security in Europe
– Yesterday’s meeting between the Prime Minister and Judson Althoff, Executive VP & Chief Commercial Officer of Microsoft, focused not just on Microsoft’s investment plans in Greece but more centrally on the security of data handled by data centers. Microsoft has announced its Sovereign Cloud for Europe, essentially guaranteeing that the data it manages will remain strictly on European soil and under European control. Artificial Intelligence and the management of massive volumes of data are undoubtedly the future, but at the same time, secure, nationally sovereign, and sustainably future-proof digital infrastructures are a necessity. Greece has the potential to lead in such infrastructures—needed not just by the country but by the whole of Europe. That’s exactly what the Prime Minister and the Microsoft COO discussed yesterday.

IT Storms at the Land Registry
– A high-profile resignation has rocked the Land Registry, as the longtime head of the IT Department—20 years on the job—suddenly stepped down just before the completion of the migration of all files to the government cloud. This transition has been a lingering obligation since 2017, and only in the past two years has it begun to move forward, after the Land Registry was made a government priority. The department head, also known for her union activity, reportedly left after receiving a job offer from a major IT firm. That very firm is already a contractor on Land Registry projects and is bidding for more. The outgoing official has not trained a successor for the critical systems she managed for years—systems for which she held the “keys.” The private firm that hired her now naturally gains an edge. The Land Registry’s management, however, assures that the migration to the government cloud will proceed as planned, and estimates that it will be completed within three months.

Investments via Platforms or Certified Firms
– The exposure of the investor scam ring—set against the glamorous backdrop of Dubai and flashy, misleading “investment platforms” offering “golden” opportunities with guaranteed returns—has brought to light the hard truths of the investment world. Investing through certified brokerage firms or investment services companies (EPEYs) may come with higher commissions and management fees, but they offer far greater transaction security, backed by the Guarantee Fund, supervisory authorities, and constant monitoring. On the other hand, “investment platforms” may offer lower transaction costs, speed, and more discretion—but ultimately, that anonymity conceals major risks of misleading investors, leaving no way to correct bad decisions.