For over thirty years the Vardinoyannis group has influenced business and politics inside Greece and out, but today changes seem to be on the horizon as a younger generation moves to the forefront.
The origins and growth of the group are a fascinating tale. From eight siblings born in that small village the Vardinoyannis clan has spread its net worldwide to become a symbol in Greece of fabulous wealth and power.
Reputed to cling fiercely to the traditional values of Crete, the family has always guarded its privacy despite the inevitably high profile of many of its members.
Not all the family members are involved in the group´s activities and several have individual interests. In the public´s perception, however, there is little distinction.
Today the leadership of the clan has fallen to Vardis Vardinoyannis, whose wealth is said to exceed $1bn.
Financial circles say it is almost impossible to estimate the worth of the group´s businesses. "It is so diversified and some companies have a subjective value. But there is no doubt it´s huge," says one prominent banker.
The building of the empire as described by one of the younger generation was itself a family affair. "Every brother had his own role at different stages," he says.
Pavlos, the eldest son of the senior generation, was born in 1925. He was the first to emerge from obscurity, being elected to parliament at just over 25 years of age and rapidly rising in the ranks of the liberal party of Sophocles Venizelos. His influence opened doors for his brothers and through him Nicos and Vardis were able to attend the Naval Academy, which in those days was not just the guarantee of a career but a status symbol.
In 1961 when he was still serving in the Hellenic Navy, Vardis went with a cartography expedition into a perfectly protected bay in southern Crete. It was at a time when he was close to a decision on whether to continue his naval career or move to civilian life.
Seeing the potential of the location, he discussed it with Nicos and they managed to raise the money to buy land around the bay. Their idea was to start a bunkering station to serve ships passing through the Mediterranean to and from Suez.
Pavlos´ acquaintance with Aristotle Onassis won them the help of the already famous Greek owner, who chartered them a vessel to use for storage.
Mobil had a production unit in Turkey at that time and because of Onassis´ involvement it agreed to supply them with fuel oil.
"Without Pavlos things would have been very difficult but without Nicos things would not have started," says the younger family member. "It was in his blood. He was a visionary, a risk taker."
In the meantime, younger brother George, still referred to in the family as Captain George, had completed his maritime studies at Southampton and was working as a seagoing master. He too played a role in increasing the family´s fortunes, most notoriously breaking the embargo on then Rhodesia. Piraeus tales tell of much money made from his exploits.
Less than 10 years later their fortunes were burgeoning and then Motor Oil (Hellas) Corinth Refineries was founded in 1970. It began operating in 1972 but within a couple of months of the celebratory opening Nicos died of a heart attack, leaving Vardis and youngest brother Theodore to take the reins of the growing businesses.
Theodore´s sudden death in 1996 brought another changing point after this period of the group´s development, which had lasted a quarter of a century.
The past couple of years have seen a different face of the Vardinoyannis group. Inter-family disputes have been making headlines along with an increasingly public falling out with Saudi Aramco, which in 1996 bought 50% of the Motor Oil refinery and the group´s Avin Oil distribution group.
A change of business policy seems to have emerged with the group taking stakes in other companies and selling stakes in its own enterprises. One of the most recent of these moves has been a stock swap of a substantial holding in Xiosbank for a stake in Piraeus Bank.
The younger generation of the family now believes the time has come for consolidation.
"There´s no doubt that if you get involved in too many things, statistically you cannot weather everything," says one.
The younger members of the family say they want to concentrate on oil, shipping - which is a core business - and banking.
They seem strongly aware that many huge family fortunes in Greece have come to grief in the second and third generation as unity between siblings becomes diluted between cousins.
"We are not the first generation," says the younger Vardinoyannis. "We know that most of the time the second generation fails and if not the second, the third is guaranteed to fail, especially in Greece."
