For tax evasion of € 1.2 billion, Ion’s founder, Andrea Piniatro, is being checked by the Italian authorities, according to information published by Bloomberg. The report states that the billionaire in the Fintech industry is required to pay taxes of about 500 million euros for the 2016 – 2023 period, which, including interest and other expenses, may amount to € 1.2 billion. The case is also of Greek interest as Piniatro is “known” in Athens after planning the creation of a business and residential complex in Alykes Anavyssos.

According to reports, last August, Piniatro presented his vision of creating the Technological Center in Anavyssos in representatives of the Greek government. It is an investment plan of 2 billion euros that includes a high tech campus of international standards, which is expected to attract high quality and income talents, with a focus on areas of artificial intelligence and Fintech. The complex will also have luxurious houses with the capacity of up to 3,000 ION Group executives in the first phase of development, as well as a park covering 80% of the Alykes area, with sports areas, schools, groves and a small hotel. The plan will be signed by the architectural office of Italian Renzo Piano, known for the building of the Stavros Niarchos Cultural Center in Faliro.

The plan, however, is still at an early stage and will take years for its implementation. Part of Alykes Anavyssos today belongs to the Public Real Estate Company (ERAD), a subsidiary of the Treasury and the rest to individuals. Initially, the urban planning of the property will have to change in order to integrate new uses, such as the creation of a business park, as the current regime only provides for the tourist development of the site. The issue of private owners seeking to remove expropriation should then be regulated as they argue have never been compensated. If the above obstacles are overcome and the positive opinion of the Council of State is obtained, the international tender process for the sale of the property will be launched, which will be claimed by the Ion Group of Piniataro.

Bloomberg reports that Greece is an attractive destination for the Italian billionaire group due to tax and business incentives. The news also notes that Piniatos’ plan could strengthen Greece’s position as an investment destination, noting that Kyriakos Mitsotakis seeks to turn the country into a technological hub.

However, the business profile and activities of the Italian tycoon raise a variety of questions about the investments it plans in Greece. Reuters recently said that a series of acquisitions of the ION Group put Piniatos on the target of the Italian Central Bank. Specifically, research was the complex ownership structure of the group, which has invested more than 6 billion euros in Italy, acquiring software, data management and financial products.

In a relatively quiet way and through acquisitions, Piniatos managed to emerge in one of the biggest “players” of the Italian financial system, who controls his businesses from his headquarters in London. As Bloomberg notes, the ION Group manages large quantities of data for Italian borrowers and companies, while providing software and digital tools to lenders. It also has shares in Italian banks, and in 2022 there was a Piniatos flirt with Piraeus Bank, with the Italian businessman interested in acquiring 27% of the bank, a “flirting” which was rekindled in 2023 but without thriving.