Greek Oil Tycoon Found Dead, Suicide Suspected

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On June 3, a Greek prominent entrepreneur Kyriakos Mamidakis was found dead in his house at the Athens northern suburb of Dionyssos, reports say.  The preliminary investigation by the authorities showed suicide was suspected.

He was the co-founder and owner of bankrupt gas company Jetoil and the company has recently filed for bankruptcy and protection from its creditors after amassing debts in excess of 314 million euros.

The company, owned by the Mamidakis Group, attributed its debts to the economic contraction, the slowdown in international economic activity, which has affected demand in the fuel market, and the reluctance of local banks to finance its activities, mainly through guarantees for oil imports.

Of Jetoil’s debts, some 184 million euros are owed to banks, 87 million to suppliers, 2.5 million to the Greek state, 650,000 euros to the social security funds and 920,000 euros to its employees, among others.

The company was founded in the late 1960s by brothers Kyriakos, Giorgos and Nikos Mamidakis.

In 2011 Mamidakis reported to have received a Lloyd’s List Lifetime Achievement Award the Crete native was hailed as “an example to others for his high ethical values and business practices”.

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Source: Ekathimerini

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