GREECE Law and Practice Contributed by: Ilias G. Anagnostopoulos and Padelis V. Bratis, ANAGNOSTOPOULOS
Breach of fiduciary duties Τhe perpetrator of this offence (Article 390 GCC) is someone entrusted with the administration of another (natural or legal) person’s property and who intentionally causes financial losses to it, by not respecting the applicable diligent manage - ment rules. Penalties to be imposed vary, depending on the total of damages caused, while the breach of fiduciary duties in respect of state-owned prop - erty constitutes an aggravating factor, involving even stricter penalties (imprisonment of up to 20 years). False statements and declarations According to Article 176 of Law 4548/2018, the founder, member of the board of directors or director of a company who knowingly makes false or misleading positive statements to the public, either concerning the coverage or pay - ment of capital or for the purposes of subscrip - tion to securities issued by the company, is pun - ished with imprisonment and a fine ranging from EUR10,000 to EUR100,000. Conspiracy Preparatory acts related to the subsequent commission of a crime (including fraud) are, as a rule, not punishable under Greek criminal law. Exceptionally, such acts are punishable only when related to certain serious offences (eg, the circulation of counterfeit currency). Civil Law Contractual liability Anyone who has been deceived into making a declaration of intent has the right to request the annulment of said legal act and may also seek restitution for further damages incurred (Article 147 et seq GCivC).
Tort claims The injured party is entitled to compensation, including for material and moral damage caused by the wrongful act, provided that deceit (as a criminal act) has taken place against their interests protected by law (Articles 914 et seq GCivC). Alternatively, provisions for unjust enrichment (Articles 904 et seq GCivC) may also apply. 1.2 Causes of Action After Receipt of a Bribe In the event that an agent has received a bribe, the following causes of action apply. Criminal Law The agent would face accusations of passive bribery, following the submission of a pertinent criminal complaint (by the principal) or an ex offi - cio prosecution. Criminal liability for breach of fiduciary duties is also not excluded, depending on the specifics of the case. Civil Law The injured party (ie, principal/company) may file an action in tort against the perpetrator (Article 914 in combination with Article 932 GCivC) for pecuniary and non-pecuniary damages. Civil liability of the perpetrator may also be sought on the basis of their pre-existing contrac - tual obligations towards the principal/company. 1.3 Claims Against Parties Who Assist or Facilitate Fraudulent Acts Criminal Liability Instigation and complicity Anyone who instigates another person to com - mit a certain crime is punished as if they had directly perpetrated that offence (Article 46 GCC). Moreover, whoever assists the perpetra -
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