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Greek Professionals request Investigation of management Pension Reserve Fund.

Europe Security News.- Now the pension funds in Athens...

Several Greek Professional Associations requested the investigation of the management of the Pension Fund EBRD.

This request was sumitted to the Chief Prosecutor of Appeals in Athens. The Professionals claimed for an urgent criminal investigation of the management of all money reserves of the Independent National Fund for Employees (within EBRD) from the Bank of Greece.

The filing of this request was made in Athens by the following organizations and institutions: Athens Bar Association, the Greek Dental Federation, the National Medical Association, the Notary Association of Appeal of Athens and Piraeus, the Aegean and the Dodecanese and the Greek Federation of Bailiffs. The petititon was completed and signed  by all the presidents of Scientific Organizations.

In the report , the Scientists highlighted that there is an imminent finantial danger that musst be avoided. The danger is that the Fund will loose all funds and there will not be money enough in the fund to pay pensions and benefits.

According to the text of the petititon, a substantial part of the reserves of the Fund, amounting to several billion euro, was “invested” in Greek Government bonds, forced by the  Bank of Greece BoG.

As estimated by the operators, the responsibility of the BoG must bedisclosed by the investigation. The petititon says that BoG acted in disregard to itsconstitutional obligations.

As noted on October 25, 2011, the President of the Fund Argyris Zafiropoulos with the unanimous support of the Board Fund sent a letter to the Bank of Greece asking to be informed what they have done with their money. According to the petititon the Fund  was obligated to buy Greek government bonds and Treasury bills. A small part of the Common Fund money remains in cash .

The petititon highlighted alleged “illegal conduct of organs of the BoG” that caused  enormous loss of EBRD, the amount of which loss will be fully disclosed by the investigation.

The Prosecutor will conduct a criminal investigation, “to determine who are guilty (natural and instigators etc) and give them exemplary punishment for criminal acts, once the judicial inquiry finalize its investigation and some are proven guilty. “