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Former Greek Bank Chairman Cited for Malfeasance

Greece’s anti-money laundering authority has reportedly recommended that the former Chairman of Piraeus Bank, one of the country’s big four, face charges over the sale of five properties it said could be tied to his family. The agency said Michalis Sallas is culpable for the 2016 sale of the properties to a Cypriot firm even though he wasn’t at the bank at the time, which he noted in denying any wrongdoing. “There are strong indications that Mr. Sallas and other members of Piraeus management who participated in the deals are guilty of malfeasance,” the agency said, adding that the deals cost the bank, already awash in bad loans, some 6.4 million euros ($7.91 million), according to a report by financial news agency Bloomberg.