ATHENS, June 25 (RAPSI) – The former main shareholder of Proton Bank, Lavrentis Lavrentiadis, who was arrested in December 2012 over an alleged embezzlement at the bank, will be released on EUR 500,000 bail, the Athens News Agency reported.

Under the bail conditions, Lavrentiadis cannot leave the Attica Prefecture or the country and is to report three times a month to a police station in his neighborhood.

Lavrentiadis bought over 30% of Proton shares in late 2009 and became chairman of the bank’s board. In 2010, Proton allegedly issued nearly $900 million worth of unsecured loans. The EU and the IMF allocated bailout funds for the bank, which ultimately lost its license and became the first Greek lender to be nationalized in late 2011.

In January 2012, the bank filed a lawsuit against Lavrentiadis and several other major shareholders on suspicion of money laundering and embezzlement. Lavrentiadis is accused of issuing high-risk loans worth EUR 700 million, most of them to dormant firms in which he had an interest.

The 40-year-old oligarch was arrested in December 2012. An Athens court ordered the seizure of his assets and those of 29 of his former associates.

He is accused of organizing a criminal gang, money laundering, fraud and breach of confidence in connection with the alleged embezzlement at Proton Bank. In all, 33 people are being investigated in connection with the bankruptcy.

Lavrentiadis is also suspected of involvement in the murder of businessman Athinagoras Andriadakis in June 2012. The banker denies all charges brought against him.