Caution When Choosing a Lawyer in Greece

Mystery or Fraud?

A Case Study of Xanthippos Korovinis

If you are considering investing in Greece, buying property, or engaging in maritime business, choosing the right legal representation is crucial. This case highlights concerns regarding legal transparency in Greece and serves as a cautionary tale for foreign investors.

Who is Xanthippos Korovinis?

Xanthippos Korovinis is a 50-year-old lawyer based in Athens, leading a law firm specializing in maritime law, with a team of around eight staff members. He has handled various cases for international clients, but a recent experience raises serious concerns about financial mismanagement and transparency.

Allegations of Financial Misconduct

In October 2024, a SEPA bank transfer of €20,000 was made from Handelsbanken, UK, to the company account of Godspeed Ike, owned by Korovinis, at Alpha Bank, Greece. Handelsbanken confirmed the successful transfer multiple times, yet Korovinis insisted the funds never arrived.

He provided a bank statement for November 2024, but refused to share the October statement, which would have confirmed receipt of funds.

He claimed that Alpha Bank could not trace the transfer without a SWIFT reference, which was false information. Full information about the SEPA transfer was provided. 

He directed me to contact Mrs. Aggeliki Maniadi at Alpha Bank, but no such person could be identified at the bank.

In earlyJanuary 2025, Handelsbanken initiated a formal transfer investigation, and after three weeks, Alpha Bank confirmed that the €20,000 had indeed been deposited into Korovinis’ account on October 31, 2024. On 13/02/2025 the Bank reconfirmed this:

Dear Mr. Becker,

 

Regarding your email dated 3.2.2025 to the Communications Department of the Bank, please note the following:

 

Following the information, we provided to your Bank through SWIFT message, dated 27.1.2025, we would like to inform you that Alpha Bank, as per your order, has credited the amount of € 20.000,00, on 31.10.2024 to the account no. 346.00.****.*****2, held in our Bank from Godspeed IKE.

 

We hereby provide the message we have sent to your bank:

 

“…KINLDLY NOTE THAT ON 31.10.2024 BENEFICIARY'S ACCOUNT HAS BEEN CREDITED WITH THE AMOUNT OF EUR:20000 VD24*1 UNDER REF:2024103194**727

 

Yours sincerely,

 

-----------------------------------------------------------------------

  ALPHA BANK

CUSTOMER SERVICE

 

276 Messoghion Avenue, GR-155 62 CHOLARGOS

Τel.: (+30) 210 326 0000

E-mail: www.alpha.gr

-------------------------------------------------

Despite this, the funds were never refunded, and Korovinis ceased all communication, even threatening legal action when pressed for answers.

Previous Dealings With Korovinis’ Law Firm

In November 2022, I approached Korovinis for legal assistance in purchasing a Turkish-built gulet ("Dream of Freedom") located in Porto Cheli Marina, Greece. He proposed a €5,000 fixed-fee package to:

Set up a Greek company

Register the boat under the Greek flag

Obtain a Greek commercial chartering license

I paid €2,500 upfront, but the only service completed was the re-registration of the boat under the Polish flag—for which an additional €1,500 was required. I also had to pay an accountant separately to establish the Greek company, an essential step for registration in Greece.

While his firm was occasionally helpful in other matters, the overall service fell far short of expectations.

The Missing €20,000:  Embezzlement and Fraud ?

By September 2024, my boat was in dry dock at a boatyard in Salamina, with unpaid fees dating back to March 2024.

In October 2024, I was in a position to pay these fees and negotiate a contract for hull repairs. Korovinis proposed:

"Our legal fees for preparing the contract and providing legal advice are €2,500 (plus VAT)."

I paid the fee, and a meeting was arranged with the boatyard owners, but no agreement was reached. Korovinis then proposed an alternative plan: hiring a Turkish repair team, and I agreed to transfer €20,000 to his firm to cover the boatyard fees.

Email from Xanthippos Korovinis & Partners – October 30, 2024

"You may transfer the €20,000 to our company account without VAT:ALPHA BANKSWIFT: CRBAGRAAIBAN: GR9101403460346002320003272BENEFICIARY NAME: GODSPEED IKE"

However, after making the transfer, the money was never accounted for.  It is still missing amid reports that other clients are also complaining of fraud. 

Lessons for Foreign Investors in Greece

This experience highlights the risks foreign investors face when navigating legal and financial dealings in Greece. Here are key takeaways:

Conduct Thorough Due Diligence – Research any lawyer or consultant before engaging their services. Seek recommendations from trusted sources.

Use an Escrow Account – Avoid direct payments to law firms; instead, use a secure escrow service to hold funds until services are completed.

Request Transparent Financial Documentation – Always ask for official invoices, bank statements, and clear breakdowns of payments.

Verify Information from Multiple Sources – Do not rely solely on a lawyer’s word; confirm legal processes and financial transactions with independent professionals.

Be Wary of Sudden Payment Requests – If a lawyer frequently asks for unexpected additional payments, this could be a red flag.

Have You Had a Similar Experience?

If you have encountered financial misconduct or legal malpractice while investing in Greece, we encourage you to share your experience below.

email : Greekyacht@pm.me

By raising awareness, we can help ensure a safer, more transparent investment environment for foreign buyers and investors in Greece.