Former minister faces possible prosecution over €2.4m in undeclared assets

A former minister in President Nikos Christodoulides’ government could face criminal prosecution after allegedly failing to declare €2.4 million in assets in declarations submitted to parliament in 2023 and 2026, according to a report by Politis. The case concerns approximately €2 million held in foreign bank accounts and the purchase of an apartment in Athens, which were omitted from the former minister’s asset declarations, known as pothen esches. According to the report, the tax commissioner identified the undeclared assets during an examination carried out after the minister left office, under legislation introduced in late 2024. The findings have raised questions within parliament over how the case has been handled, with opposition MPs questioning why it was not immediately referred to the attorney-general. Under the revised legislation, submitting a false asset declaration constitutes a criminal offence, punishable by a fine of up to €5,000, imprisonment of up to one year, or both. The tax commissioner first informed parliament’s special committee responsible for asset declarations of the findings in a confidential letter dated July 23, 2026. A formal report detailing the findings is now being prepared and will be submitted to the committee, which must follow the procedure set out in law before deciding whether to refer the matter to the attorney-general. The former minister will first be given an opportunity to respond to the findings, either in person or in writing. The committee will then prepare its own report, setting out the facts, the tax commissioner’s findings and the former minister’s position, before deciding whether to forward the case to the attorney-general. According to Politis, opposition MPs have criticised the committee’s decision to seek legal advice from a law firm rather than immediately referring the case to the attorney-general. The legal advice reportedly recommended following the procedure prescribed by law. The newspaper also reported that the investigation had not identified evidence of illicit enrichment. The approximately €2 million in bank deposits was found to have been held by the former minister before taking office in 2023. The case has emerged following changes to the asset declaration system in 2024, which introduced checks by the Tax Commissioner. Previously, declarations were submitted without a mechanism to independently verify the information provided. In September, Disy MP Demetris Demetriou confirmed to Alpha TV that the former minister had failed to declare €2.4 million, as previously reported. He also confirmed that the former minister had submitted amended declarations for both 2023 and 2026 after the tax department identified the omissions. The former minister has not been publicly identified in the reports reviewed.