VDV Leben International S.A. is a small-sized Greek life insurance company conducting business mainly in Germany, through its branch, and, to a lesser extent, in Greece. Since September 2010, the company's operations were suspended and its assets were frozen. The Credit and Insurance Committee decision to withdraw its licence was made after taking into account the results of audits and the fact that in the meantime the company had not taken any corrective action to ensure its financial and organisational restructuring.
The Bank of Greece, in cooperation with BaFin, the relevant supervisory authority in Germany, has initiated all necessary procedures to protect the interests of policyholders both in Greece and in Germany.
As of January 10, policyholders can contact the appointed Insurance Liquidation Supervisor Gerassimos Haliotis at 0030 210 61 09 287 between 10:00 and 14:00 on weekdays.
Last year, the regional development and competitiveness ministry had asked the public prosecutor's office to press charges against the board of the insurance company VDV Leben International for falsifying its financial figures. The ministry said that the board had concealed the company's true financial state and fiscal position, presenting 42.03 million euro of non-existent assets such as bonds and shares in its end-of-year report.
(ANA)
