47th PRESS RELEASE OF HELLENIC INVESTORS ASSOCIATION

13 April 2021 

Hellenic Investors Association’s actions after the unanswered questions at the PIRAEUS BANK GM. (GENERAL MEETING) 

At the GM of Pireaus Bank held in 7-4-2021, there was no reasonable explanation given by the Board of Directors for its abrupt reversal, so that to explain how, from the statements of 27-10-2021 that «there is no supervisory need to raise the share capital whatsoever (sic)», to today’s devastation of the shareholders’ assets. The questions of many shareholders were bright and clear, however, they were not answered: «What changed from October and the (unnecessary until then) Share Capital Raise was decided ? » . At the GM we heard many half-truths (we will analyze them in another Press Release) that referred to forecasts, loan obliterations and lawsuits that the Direction didn’t perform, while its indifference for the shareholders was proved by its negligence to «forget» to suggest in the GM, as the minimum remuneration for the current shareholders, to attribute to them the mezzanine bond of 1 billion from the 4 securitation of titles PHOENIX , VEGA , SUNRISE 1 & 2 , but it generously grants them as a gift to the new shareholders.

Until February 2021 , the investors were anticipating the raise of the market value of the share as a result of the end of the pandemic and the improvement of the economical situation. However, it seems like some of the investors, maybe even some of the shareholders, knew and possibly took advantage of the well and long-away planned, Share Capital Raise. We consider the attempted deception of the investors as a very possible scenario, as we mentioned by enclosing publications and articles in financial press in our letters to ΕΚ? and other institutions, but we will enrich them with new evidence that we will collect in the following days, with regard to the filing of the of the criminal-report , as we have already done in the past with the relevant fraud scandal of FOLLIE FOLLIE.

Our Association has already processed its following actions and is now INVITING  the shareholders that have suffered damages due to this new economic scandal that is currently taking place  , to join the Hellenic Investors Association and claim full damages from the Bank and/or any other party deemed to be responsible ( i.e. from the main shareholder, the ΤΧΣ? (Hellenic Stabillity Fund), or from the Official Auditors) by PARTICIPATING to the CLASS ACTION that will be initiated by the Association. I

f you are interested in taking part, you should contact us by calling In 210-3633104 or by sending email at: This email address is being protected from spambots. You need JavaScript enabled to view it. with the note « PARTICIPATION IN CLASS ACTIONS AGAINST PIRAEUS BANK».