Former chief of Proton Bank fined

The Council of State, the country's highest administrative court, on Friday ordered Lavrentis Lavrentiadis, former chief of Proton Bank, and another four executives of the lender which went into liquidation in 2011 to pay a fine of 495,000 euros after deeming that they failed to take the required action to ward against money laundering and other financial crimes.

The original fine had been higher - 645,000 euros - but was reduced after the court deemed that the punishment should be less harsh for certain former associates of Lavrentiadis.

Remanded in custody in 2012 on charges of money laundering and embezzlement, Lavrentiadis was released on a 500,000-euro bail payment in 2014.

He was accused of swindling some 700 million euros from Proton Bank by granting unsecured loans from the bank to companies and bank accounts in his name.