Vardis I. Vardinogiannis, Greek Tycoon and Shipping Magnate, Dies at 91

Vardis I. Vardinogiannis one of Greece’s most prominent business figures has passed away at the age of 91. The Vardinogiannis family released a statement on Tuesday, Nov. 12 expressing their grief: “With profound sadness, the family of Vardis I. Vardinogiannis announces that our beloved father and grandfather passed away today.”

Head of the Vardinogiannis Group, Vardis was a renowned Greek tycoon, known for his significant influence in the oil, shipping and media sectors. He was not only one of the most influential figures in the Greek economy but also a major player in the global shipping industry.

Key assets of the group include Motor Oil, Optima Bank, Vegas Oil and Gas (Egypt), Avin Oil, Piraeus Bank, ANEK Lines, Ellaktor, Star Channel, Alpha TV, NJV Athens Plaza, AVE Group of Companies, Odeon, among others. The flagship of the group was the Motor Oil Greece refinery.

Born on the island of Crete in 1933, he was the fifth child of Ioannis Vardinogiannis. After graduating from the Hellenic Naval Academy in 1955 he pursued a career in the Royal Hellenic Navy. However, his career was cut short by Greece’s military junta in 1967, leading to his exile on the island of Amorgos due to his anti-dictatorial activities.

Following the death of his brother Nikos in 1972, Vardis took over the family business ventures, expanding them into a vast conglomerate.

By 1989, Vardinogiannis had ventured into the media industry, founding the Greek private TV channels Mega and Star, while from 2018 he held a controlling stake in the Alpha TV network.

Vardis Vardinogiannis was married to Marianna Vardinogianni from 1961 until her death in 2023, with the couple being known for their extensive engagement in philanthropic projects across Greece.

In 1990, Vardinogiannis was targeted in an attack which involved three rockets fired at his vehicle by the terrorist organization 17 November.

Later reflecting on the incident in a conversation with his close friend Antonis Livanis, who was then head of the political office of Prime Minister Andreas Papandreou, he calmly said, “…Saravakos (a Greek football player) shot a penalty, and it hit the post…”.