A Greek magistrate on Friday ordered that the oligarch Lavrentis Lavrentiadis, who was arrested Thursday on charges of embezzlement and fraud, be remanded to custody after visiting the 40-year-old businessman in an Athens hospital. Mr. Lavrentiadis, the former majority stakeholder in Proton Bank, which is alleged to have issued $900 million in bad loans to keep other businesses afloat, is the focus of an investigation that has highlighted concerns about deep-rooted corruption and crony capitalism in Greece. He was admitted to the hospital on Thursday night after citing health problems when the police visited his home in an affluent Athens suburb. Mr Lavrentiadis was expected to be transferred to the capital’s high-security Korydallos prison on Saturday after his request to be admitted to a psychiatric hospital was turned down and he spent Friday night in police custody.

Article source: http://www.nytimes.com/2012/12/15/world/europe/greece-oligarch-under-arrest-is-moved-to-psychiatric-hospital.html?partner=rss&emc=rss