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The Greek bunker industry has this week said goodbye to one of its leading figures.

Kyriakos Mamidakis, co-founder and chairman of Mamidoil-Jetoil S.A., was found dead in his home on 3rd July. It comes only weeks after the company declared bankruptcy on 9th June.

Circumstances of Kyriakos Mamidakis' death

According to local reports, when the police arrived at Mamidakis' home on 3rd July, they found him deceased on the floor with a gun beside his body. Suicide has been ruled the cause of death.

One source, daily newspaper 'To Vima', has mentioned a letter being found at the scene, though the contents of the letter were not revealed. Additionally, information was given that Mamidakis contacted one of his brothers and asked him to take care of his family after he was gone.

Mamidoil-Jetoil bankruptcy

Kyriakos Mamidakis set up the company Mamidoil S.A. in 1969 with his two brothers, Nikos and Giorgos. The business later merged with Jetoil S.A. to become Mamidoil-Jetoil S.A. in 1974.

JetOil Bunkering is the largest privately owned bunkering company in Greece, supplying the Greek islands and mainland clients with bunker fuels. Parent company Mamidoil-Jetoil operates a large network of gas stations and oil supply stations around south-east Europe, with a fleet of tanker trunks and ships.

Despite the company's size and international reach, the downturn in the Greek economy hit Jetoil hard. The company declared having EUR 314 million in debt to numerous creditors, with only EUR 600,000 in cash on hand at the time of bankruptcy in early June.

It is suspected that some of the austerity measures introduced in Greece, such as capital controls, played an important role in the financial ruin of the company. Local banks became less willing to finance the company's activities, international demand for fuel slowed down, and the Greek economy in general contracted to the point that less revenue was coming in from all sides.

Bankruptcy protection was granted to Mamidoil-Jetoil on 9th June. The company is said to be in the process of creating a streamlining plan to revitalize itself despite the economic downturn.