Recently at Seasatin, a well-known hotspot on the Athenian Riviera, at a table that felt more like Monaco than Greece, I happened to be sitting next to a group that did not go unnoticed. Cristal champagne, cigars, discussions about millions of euros, yachts, and private jets dominated the scene. Among them was the main protagonist of the conversation: Mr. Zannis Frantzeskos. The atmosphere was one of unrestrained showing off, and within this extravagance, the conversation turned—where else—to Nammos in Mykonos. That is where things got truly interesting...
He and the Prince
Zannis Frantzeskos, laughing, threw out the line: "Me and Prince Albert of Monaco!! I don't understand why they are always preoccupied with me!! There are millions of other Greeks..." Then came the next comment: "I’ll send containers of champagne and lobsters to the chief again... Hasn't he had enough? What else does he want? For me to give him the shops?" Someone hearing all this might think it was just momentary hyperbole in a state of general euphoria and relaxation. But Mr. Zannis didn't stop there... He took it a step further: "At least he charges... but he cleans things up. I don't pay, he doesn't chase me. Fair deal. That's something." At that point, to be honest, I stopped listening to the music and started thinking: "Who does he mean?" Could it be someone high up in the IAPR (AAΔΕ)? And who are the "Ms. Spy." and "Pap." he mentioned... who supposedly "call the shots"? Do such things actually happen?
When the debt tally is lost
While digging into the financial data of his various companies in the General Commercial Registry (GEMH), we literally lost count of the debts to the state and the Social Security Fund (EFKA), as well as to third parties, which swell every year... with tens of millions in debts accumulating to third parties. However, we discovered other "miracles" as well. For example, we found that the company "ZS Estiasi" has negative equity of 1 million euros and owes 6.5 million euros to banks (really, how do they lend to this company?) but more importantly, 12.2 million in taxes and 2.8 million euros in social security contributions. The assets include checks worth 10 million euros that no one knows the origin of, while magically, the previous year, the checks were 16 million euros and were reduced by the amount of various creditor liabilities. Does no one see this, especially when the turnover is progressively trending toward zero? Another company of Mr. Zannis with zero turnover shows a cash balance of 7.7 million euros in its financial statements but owes 2.9 million euros in taxes and contributions which never decrease!!!
A "poetic" balance sheet
However, the best is yet to come from the company that had a turnover in 2024 of around 23 million euros and losses of 4.9 million euros, while owing 4 million euros in taxes and social security funds. The joke is that this company is audited by a certified auditor who, believe it or not, accepts that the cash balance is 1 million euros held "in hand" by Mr. Zannis and has even certified it. We will deal with exactly what kind of audit the certified auditor is performing at a later stage, as well as with other "pearls" in the financial statements of this company that point to issues that may concern other audit authorities beyond the IAPR.
The miracle with the IAPR
For now, however, we remain focused on the IAPR (AAΔΕ) as a fundamental question arises. How is it possible for a person who is the sole manager of three companies owing at least 22 million euros in taxes and social security contributions not to be on the list of major debtors published by the IAPR? How does this miracle happen? Could it be that what we heard Mr. Zannis saying reflects reality, and he has found a way to bypass everything?
Prosecutor requested
Why have these debts NOT been collected for so many years??? Who is covering for him???? How is it possible for one of the largest, most famous, and most profitable restaurants in Mykonos to operate normally, with the same glamour and intensity, when debts of tens of millions of euros to the Greek State have been dragging on for years?
And the most important question
Do the competent services know that the names of their executives are being tossed around at tables with cigars and expensive champagnes with such ease? Do the prosecutorial authorities truly believe that such a case should remain uninvestigated? The investigation continues….
Nikos Karoutzos
nkaroutzos@gmail.com
www.bankingnews.gr
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