(Greece) – According to police, Kyriakos Mamidakis, a Greek businessman, has committed suicide. Mamidakis was the owner of a Greek oil company that filed for bankruptcy last month in June of 2016. He was found dead at his home in Athens on July 3, 2016, according to the medical examiner. He was found with a gun near his body, which leads police investigators to believe that his death was a suicide.
Mamidakis was the CEO and chairman of Mamidoil-JetOil, a company that had a network of around 600 gas stations that are located in countries such as Greece, Albania, Kosovo, and Bulgaria. The company also owns a fleet of 33 tanker trucks and 7 tanker ships. The company applied for bankruptcy protection as a way to help them manage their debt. At the end of 2015, it is estimated that they owed creditors around 314 million euro dollars. The company filed for bankruptcy as a way to help them get back on their feet.
Mamidoil-JetOil also owned a large storage site in the Balkans and was considered the largest privately-held company in all of Greece. JetOil got its start in the 1960’s and was founded by Kyriakos, Girgos, and Nikos Mamidakis and today, the company is the largest privately owned supplier of bunker fuel in Greece. Besides his involvement with Mamidoil-JetOul, Mamidakis also had other businesses such as with olive oil production, wine production, and hotel management. He is said to have had high ethical values that translated to all of his businesses.
There is some debate as to why the country fell so far behind on their payments to their creditors. Some believe that it is because capital controls that the Athenian government instituted about a year ago because this caused them to rack up their debts. Overall, the Greek economy is shrinking, too, which has had an impact on the fuel market by creating less of a demand.