Evangelos Papaevangelou

Crackdown planned on property fraudsters

A large number of estate agencies, law firms and other go-betweens have sprung up in Greece to respond to demand from the thousands of non-European Union citizens interested in investing in the country to get a Golden Visa. In cooperation with Chinese travel agencies and local property owners, some of these businesses have been pocketing hefty commissions from unsuspecting buyers.

Papaevangelou to be removed as Jumbo vice chairman

Evangelos Papaevangelou is to be removed as vice chairman of Greece's biggest listed retailer Jumbo following allegations of being involved in irregular residential property transactions, reports said Wednesday.

The transactions, which were carried out by a real estate agency set up by Papaevangelou, violated China's capital controls on outbound foreign investment, reports said.