Qatari investment vehicle says wildfires have blocked its Zakynthos plans

Wednesday, 27 September 2017 23:06
UPD:23:09
ΑΠΕ ΜΠΕ/STR

The Greek subsidiary of Qatar's sovereign fund, Al Rayyan, on Wednesday filed a lawsuit against "any party involved" in last month's wildfires, which destroyed portions of the properties owned by the investment vehicle in Greece.

The lawsuit was filed by the Rimana S.A. company against "fictitious defendants" at this stage, given that no suspects have been identified as responsible for the devastating wildfires.

"The wildfires have frozen every effort to invest, as the land that has been purchased will either be declared (a portion thereof) as land designated for reforestation, or major portions of land that surrounds the company's properties will be designated as land for reforestation," the Qatari subsidiary stated in a press release.

The Al Rayyan subsidiary purchased property on the popular Ionian island totaling 1,450 hectares in 2014, specifically on the northwest quadrant of the island, with the purpose building various high-end tourism infrastructure.

The lawsuit also contends that the company's prospects of exploiting its property has been drastically affected by the wildfires.

The Qatari project on Zakynthos is the latest investment project in cash-starved Greece to face adversity, while the company officials have repeatedly pointed to opposition by "vested interests" on the island and foot-dragging by the state's services.

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