Greece’s corruption prosecutors on Monday announced the launch of an investigation into the 2002 privatization of Hellenic Shipyards in Skaramangas. According to their initial findings, there are indications of significant losses for the Greek state through the sale, amounting to more than 53 million euros.

The evidence regarding the sale of the shipyards to the German-led consortium HDW/Ferrostaal will now be forwarded to the chief of the corruption prosecutors’ Eleni Raikou, following evidence uncovered by Corruption Magistrate Ilianna Zamanika and assistant magistrate Giorgos Evangelou during their own investigation of defence procurement programs.

Among others, the German consortium failed to fork up the sums promised for a share capital increase while, in what the prosecutors view as highly suspicious timing, the privatization agreement coincided with the signature of a contract to refurbish the German submarines bought by Greece, with both signed on May 31, 2002. The investigation also showed a lack of a transparency in the tender process leading to the sale and violation of European Commission guidelines.

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The Athens-Macedonian News Agency (AMNA) (Greek: Αθηναϊκό-Μακεδονικό Πρακτορείο Ειδήσεων, AΜΠΕ) is a Greece-based news service. It is a public entity anonymous company. It was founded in 2008 as the Athens News Agency - Macedonian Press Agency S.A. (ANA-MPA SA), under a presidential decree which merged the Athens News Agency (ANA SA) and the Macedonian Press Agency (MPA SA).