Greek Bank Wins $96M Judgment Against Shipping Co. Owner

Law360, London (February 17, 2021, 4:46 PM GMT) -- Piraeus Bank won its $96 million claim against the owner of two defunct shipping companies as a judge ruled on Wednesday that a businessman is on the hook for the debt.

Judge Neil Calver said in his 24-page decision at the High Court that Michail Zolotas — who failed to show up for trial — had assumed a "primary obligation to repay the loan together with interest" under a 2009 loan provided to one of his companies.

Zolotas held large-scale commercial interests from shipping to real estate and investments in the late 2000s, according to the court judgment. His business interests were run...

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