Stefanos Kasselakis, the former leader of SYRIZA and current president of the Movement for Democracy party, has been found guilty of violating Greek foreign asset laws and sentenced to 30 months in prison with a suspended sentence, as well as a €50,000 fine. The decision was handed down by the Single-Member Misdemeanor Court of Athens on Wednesday.
The case centered around Kasselakis’ involvement in a U.S.-based company, which reportedly provided funds to SYRIZA during his presidency. According to Greek law (Law 3213/2003 as amended by Law 5026/2023), political leaders and public officials are explicitly prohibited from owning or managing foreign businesses, directly or indirectly.
The court’s verdict came despite a recommendation from the prosecutor for acquittal. “It emerged that there was an issue with the payment of employees at the Media, the issue of financing and borrowing was raised, and on the occasion of this discussion he became aware of it,” the prosecutor argued. “His informal legal advisor was not aware of his participation in the corporate composition. He had no intent when committing the act. We propose his acquittal due to lack of intent.”
However, the court found otherwise, concluding that Kasselakis’ actions violated laws, despite the lack of intent.
In testimony presented during the trial, Thymios Georgopoulos, SYRIZA’s former general director, described Kasselakis’ offer to fund party staff salaries amid a cash shortfall: “In response to a phone call about whether the workers were paid, I replied that we are waiting for the state funding. He told me that he did not assure me of that and ‘I will send money to cover the staff.’ I told him that it is illegal and money will not be given to the party but if he wants, he can give to the two media outlets. It was unnecessary what happened. You can see when Mr. Kasselakis’ money went in and when that of the state funding went in! It was only two hours. On the 5th of the month I was crying out for them to give me the bill to deposit the money back and I had to say that if they don’t give it to me, I will deposit it in the Deposit and Loan Fund.”
Kasselakis’ political office director, Manolis Kapnisakis, testified in his defense, emphasizing the former leader’s lack of awareness regarding the legal restrictions. “He did not know that it is forbidden to donate or lend more than 20,000 euros to the party. When he decided to run for office, he was still a resident of America. His victory is unexpected. From the day he took office to the day we left as we left, whether for financial or political reasons, we could not sleep. He was never informed by any lawyer and he didn’t know as a foreign resident that he wasn’t allowed. This is evidenced by the fact that he deposited the loan from the company’s account.”
The case stemmed from an investigation launched in March 2024 by the Athens First Instance Prosecutor’s Office, following press reports on Kasselakis’ undisclosed foreign business ties. His trial referral followed a preliminary investigation into potential violations of asset declaration laws.
Kasselakis has consistently denied any wrongdoing, claiming ignorance of the specific legal restrictions on foreign holdings. “I haven’t made a single euro or dollar illegally,” he said at the time, vowing legal action against what he called “slanderers” who misrepresented his financial disclosures.
The controversy has been part of a broader political rift within SYRIZA, with internal disputes culminating in Kasselakis’ ouster from the party in late 2023. His departure followed mounting tensions over financial transparency and leadership style. SYRIZA subsequently announced intentions to file judicial complaints regarding his foreign financial ties.
While the suspended sentence spares Kasselakis from immediate imprisonment, the conviction marks a significant turn in his political career and may have lasting implications for his leadership within the Movement for Democracy.
