GREECE - Andreas Kintis has been appointed as the chairman of the Greek Civil Servants' Auxiliary Fund (TEADY), following his predecessor's forced resignation over bond-overpricing allegations.

Kintis, a professor of econometrics and a former rector of the Athens University of Economics and Business, took up his new position last week.

IPE reported in March that Agapios Simeoforidis, the fund's previous head, was asked to step down after it was revealed that TEADY had over-paid €5m for a structured bond. He is now under investigation over the sale.

The alleged transaction provoked a political clash and led Prime Minister Costas Karamanlis to announce that changes would be made to the rules governing the appointment of pension fund board presidents.

Additionally an ad hoc committee was formed to draw up a reform plan for pension fund investment and its supervision.

Another inquiry by the Capital Market Commission market watchdog into the sales of structured bonds to pension funds is expected to be completed by next week, according to reports in Greek newspaper Kathimerini.

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