This Monument can be found in the village of Magoulades near the village square.
It was erected to honour the Greeks who lost their lives in the sinking of the Proteus submarine, on December 29, 1940.
Forty-eight men were sacrificed, defending Greece.
On December 26, 1940, submarine Proteus was on its third and last war patrol, which was to end with its sinking on December 29 of the same year. The incident happened when the submarine attacked the enemy Italian convoy with torpedoes.
With the launch of the torpedoes, however, it lost its diving depth, as a result of which it rose to the surface, became noticeable and then sank spontaneously with an Italian torpedo shot.
The village is set in the hills between the beach holiday resorts of Paleokastritsa and Arillas and is about 7km from the sea up a steep hill.
It is known that many submarines and torpedo boats were operational in Corfu waters during the war but what a torpedo is doing in a Corfu hill village is a bit of a mystery.
Both German and Italian warships patrolled the Greek Islands and there were a number of torpedoes washed ashore that, presumably, were fired but failed to detonate.
The convoy of ships Sardegna and Italia were carrying troops from Valona to Brindisi, under escort of Spica class torpedo boat Antares, when 11 miles west of Saseno, they were attacked by the Greek submarine Proteus (Y-3 Cdr. Chatzikostanti M). Sardegna was torpedoed and hit at her bow. She heeled over to port side and sank. Antares immediately counter attacked submarine Proteus, throwing 11 depth charges at her. Damaged, Proteus was forced to surface and was an easy target for Antares, who rammed her and sank her with all hands (48 crew). 40 miles East of Brindisi. After having rescued Sardegna's survivors, she returned to Brindisi to have her damaged bow repaired.