Since initiating the move, the company has spent an enormous a mount for two different consulting agencies, each receiving $300,000 a month. The business magazine Paperjam deducted the information from Fage's annual reports and published an article on the issue on Friday, claiming that neither firm actually employs any workers.
According to their annual reports, both Theta Phi and Alpha Phi have never employed anyone since receiving their enrolment certificate in 2012. A bizarre situation, which becomes even more intricate given that both firms can be traced back to the same management in the US State of Delaware: Athanassios-Kyros Kyriakos Filippou, CEO of Fage.
Former lawyer and MP Roy Reading (ADR) made a comment on facebook regarding the situation: "I believe the prosecutor's office is about to be buried in work."
Nobody at Fage was ready to make a statement yet. The person responsible for communications further wants to remain unknown until an official comment will be issued at a later stage.
Meanwhile, Luxembourgish financial experts are bidding caution over premature judgments, noting that too many details are still missing from the case to arrive at a conclusion. Fage made the move to Luxembourg when the Greek government was threatened by bankruptcy in an attempt to secure a base on EU soil.
