Georgios Kakouras under internal investigation
Hili Properties Managing Director Georgios Kakouras has been suspended, with the company saying he is now under internal investigation.
The decision was communicated in a statement to the market on Thursday evening.
Hili has appointed Daniela Pavia as interim CEO of the company.
Trouble started brewing at Hili senior management earlier this month, when the company announced that Kakouras was being replaced as CEO of its subsidiary Harvest Technologies, less than a year into his appointment.
At the time, Hili had said that Kakouras would retain his other roles in the company, including that as CEO of Hili Properties.
Hili did not provide detail about the nature of its internal investigation into Kakouras.
Kakouras, who holds degrees in engineering and business administration, worked at Intralot Group and Maltco Lotteries before joining the Hili group.
Hili Properties is the real estate arm of the large-scale Hili group of companies. Its portfolio of properties amounts to well over €200 million and includes shopping centres, healthcare facilities and commercial properties in key areas across Europe.
His interim replacement as CEO, Daniela Pavia, serves as CFO of the company, having previously served as director of finance at its parent firm Hili Ventures.
Hili Properties said Pavia has not declared any information requiring disclosure under capital market rules.
