Kontominas ponders Cyprus insurance return

Demetris Kontominas is reported to have secured control of the dormant Ledra Insurance from the Hellenic Bank Group, which if confirmed will signal his return back to Cyprus.

The Greek financial web site, euro2day.gr reported that Kontominas has purchases the shell company Ledra Insurance from Hellenic, thus causing many people in the industry to “loose their sleep”.

Kontominas has a long history in Cyprus. He brought Interamerican here, which became one of the most successful companies that was eventually sold to Nicos Shacolas, who in turn sold it to Laiki Bank in 1999 as part of the Paneuropean Insurance group, which also included Philiki.

Kontominas then helped set up Interlife in Cyprus, which is now a subsidiary of the Dutch Eureko Group.