PricewaterhouseCoopers' Greek affiliate has agreed to pay $14.9 million to settle with Aegean Marine Petroleum Network Inc. shareholders who accused the auditor of failing to catch a $300 million fraud, Reuters reported. If approved by a federal judge in Manhattan, the deal proposed on Tuesday would end a Utah pension fund's claims that the auditor recklessly disregarded red flags when it audited the fuel transport company's financial statements in 2016. PwC Greece did not admit wrongdoing in the settlement.
Former caretaker prime minister Panagiotis Pikrammenos has explained that the administration he was in charge of had prepared plans to shut down Greece’s banking system if elections in 2012 could not produce a government, Ekathimerini.com reported. Two ballots were held in May and June of 2012, with the second one eventually resulting in a three-party government led by New Democracy. “We were on the verge of bankruptcy,” Pikrammenos told Skai in an interview. “If elections [had] failed to yield a clear result, we would [have] shut down the banks.
Orange2Fly charter flight airline has filed for bankruptcy, ekathimerini.com reported. The Greek carrier, which was set up in September 2015 with share capital of 200,000 euros, has a fleet of four Airbus A320 aircraft, but in those six years of operation it failed to strengthen its financial report. In 2020 it had a negative net position of 7.8 million euros, with accumulated losses of 9.5 million euros and total obligations of 11.6 million euros.