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Fraud for 600 billion dollars

07 October 2012 / 10:10:58  GRReporter
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The site iefimerida.gr is revealing the incredible story of the 600 billion dollars, offered by Greek emigrants from the End National Debt Organization. The money is expected to be given to the Greek government, in order to buy up the government debt. It turns out that Artemis Soras is the only one who stands behind the organization and who owns the 600 billion dollars, offered to Greece and Cyprus. He is said to be the richest man in the world, but no details are known about his economic activities. This is the person who owns the Oriental Bank's stocks and who wants 675 billion euro for them.

Prof. Theodoros Kariotis has determined these stocks' value - stocks of a bank, which has not existed since 1932. The professor is now accusing End of being an organization which consists of "Golden Dawn" members and is expressing his regrets for taking part in it. It was Kariotis, however, who supported Soras's claims, via his international reputation of an American University academic professor, and it was his signature which allowed Soras to move the case forward. When Soras failed to prove his claims, suddenly an organization came out of the blue - namely, End National Debt.

In a magical way, if there are some grounds to Soras's claims of course, the stocks have turned into U.S. securities with a maturity date in August 2014. Even today, famous emigrants such as doctor Manolis Lambrakis and lawyer George Papadakis, insist that the money exists despite the disproof. Kariotis himself had agreed to accept the position as a Vice President of End. According to his own statements, he had occupied the position until early September 2012. During the past month, however, Kariotis has remained silent and let End use his name, although indirectly. He announced his retirement only after his role became clear and disproof started. He is not only a respected Greek professor, but a candidate for deputy from PASOK's list, as well as a close associate of the party leader Evangelos Venizelos. These are facts which lent End and Soras authority in their attempts to make their appearance as saviours of the nation.

The Oriental Bank, or Banque  d 'Orient, was founded in 1904 as a subsidiary of the National Bank of Greece (NBG). It expanded rapidly in regions with Greek population such as Thessaloniki (then under Ottoman rule), Smyrna (Izmir) and Alexandria. In 1932 the bank merged with the National Bank for unknown reasons. As noted in a statement, "today's management of NBG, according to the contract for the merger (approved by the general meetings of both banks' shareholders), NBG has entered into an engagement to give Oriental Bank's shareholders the sum of 200 drachmas per stock. According to the contract, besides this sum, no other amount is due to the shareholders, and the stocks are invalidated". Soras was informed in writing about all the details of this transaction.

However, Soras's lawyers argue that according to a decision of the City Court of Athens, the stocks are not invalidated, their value turns into a bill of exchange and the shareholders do not require the asset of the stocks, i.e. their value, but their liabilities.

According to the balance of the Oriental Bank in 1932, the liabilities amounted to 83,451,093.90 golden French francs. This sum is accumulated at a constant interest rate of 7% per year, until the shareholders claim the stocks of the National Bank and receive their value. Also according to Mr. Soras, the court's decision not only acknowledges that the stocks have a value, but also requires data from the Bank about the liquidation and about the whereabouts of the money from the liabilities.

All this makes it clear that it is not possible for a single person to have a fortune of 650 billion dollars without the knowledge of any formal financial institution or organization in the world. It cannot be true that someone has turned the suspicious stocks of a bank, which has not existed for 80 years, into U.S. bonds. Even if the judgement passed for the shareholders, this money simply does not exist. And the Canadian bank, in which these 600 billion are allegedly deposited for Greece, has deposits totalling 150 billion.

Tags: Oriental Bank National Bank Artemis Soras
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