Tensions are high at “Ktima Spyropoulos”, as one of its wineries in Mantineia went up for auction, with a second scheduled for early March. Apostolos Spyropoulos, who resigned from the company’s management five years ago, speaks to protothema and announces he will request a management audit.

Spyropoulos, son of the historic PASOK figure Robert Spyropoulos, still owns 25% of the company’s shares and guarantees all its loans. He is outspoken in his accusations against his uncle, Epaminondas Spyropoulos, and cousin, Konstantina Spyropoulos, blaming them entirely for the company’s current situation: debts exceeding €4 million and revenue dropping from €1.2 million in 2020 to €800,000.

In a recent post, he accuses his uncle and cousin of “provocative, entirely unauthorized residence in the winery’s ‘tower’” and states:
“You all lived for years solely off the company, draining it down to the last euro.”

Why I Resigned

He resigned due to a complete divergence of views with the company’s management.
“Seeing their corporate governance, I could not be a participant,” he emphasizes.
“I resigned not for myself, but to avoid being complicit in this drama, for the history of the winery, the employees, the hundreds of suppliers, and creditors.”

He explains further:
“After my father passed, I proposed having dual signatures for company representation. We were many shareholders, ranging from me at 40 years old to an uncle at 85, plus their spouses and other children. I wanted dual representation so the company would require two signatures under the law. I didn’t want to be the sole representative. The CEO could be one, but two signatures would create interdependence. That wasn’t chosen; instead, the management was left entirely to one branch of the family. I opposed it as the other shareholder. I understand blood ties—one brother cannot go against another—but the other brother was passive and would not say ‘yes’ to avoid upsetting the elder. When a company is run autocratically and egocentrically, mistakes are inevitable. And in this case, huge mistakes have been made.”

I Will Turn to the Courts for a Management Audit

“Unfortunately, this company, due solely to the executives, will reach absolute zero, and it will owe money as well,” he says.
“After the second auction, those responsible should know I will do everything I can and turn to the courts for a management audit,” Apostolos Spyropoulos continues.
“I owe it to the creditors, the winery’s history, and to defend my 25% stake. I will request the competent court to order a management audit. If approved, I will determine with certainty if financial mismanagement occurred.”

We’re Talking About a Hollow Company

“The first auction—without a second bidder—was just one euro above the starting bid, so the debt wasn’t satisfied. If the same happens at the second auction, the debts will remain, and the situation will worsen. We are talking about a hollow company—it will have no production units and lose its entire potential. Its potential was producing PDO Moschofilero and Agiorgitiko wines and having two wineries in vineyard zones. Without these, Ktima Spyropoulos will effectively end sooner than anyone imagines. Unfortunately,” he states.

“The first shock came two days before the auction, when as guarantor I spoke with the notary and was told there would be participation. I hoped something would happen until the last moment, believed in a miracle, but miracles no longer happen. When I learned the winery changed hands, my heart stopped,” he admits, explaining:
“That’s when I felt the public should know the enduring contribution of all shareholders to what we now call ‘Ktima Spyropoulos’.”

Asked if his accusations also harm the company, he denies it:
“I was not the one devaluing the company. I stayed completely out of management. For five years I was silent, working voluntarily, and everyone in the market knows I did not devalue it.”

Ten Days Before the Auction, She Went to Opera in Paris

Apostolos attacks CEO and cousin Konstantina Spyropoulos, saying:
“Is it possible to represent a company with an auction in 10 days while she goes to Paris to see opera? I’ve heard many things, but this defies imagination.”

He also criticizes her appearance in Alexis Tsipras Book:
“Someone unsuccessful talking about agricultural development—what context is that? One doesn’t pay banks, the other closed banks. This is purely financial, not political.”

He adds another layer to the family dispute:
“In 2023 I moved from PASOK to New Democracy, provoking my uncle and cousin. They think I should have consulted every family member before deciding. Perhaps this ruined their narrative. But we see Konstantina Spyropoulos going to the Tsipras book, three days later to Pavlos Geroulanos’ cake-cutting, and her father to a PASOK cake-cutting in Neo Irakleio. This isn’t the image of entrepreneurs whose company is at zero.”

After his post, the corporate social media blocked him:
“Instead of hearing about the employees, I was blocked from all company social media—unheard of for a shareholder and guarantor of all loans,” he concludes.
“The worst part isn’t that they brought the company to this state; the worst is that until the very end they show no remorse.”