By A. Tsimplakis
[email protected]
An Athens appeals court has rejected motion by the Greek state to throw out a decision by the International Court of Arbitration(ICC) related to the troubled Hellenic Shipyards at Skaramangas.
According to information gathered by “N”, the appeals court ruling backs up the ICC decision, whereby the Greek state owes the previously Privinvest-owned shipyards some 240 million euros, compensation for an unexecuted contract worth 800 million euros to build two submarines for the Hellenic Navy.
The claim at the ICC was, in fact, filed with Privinvest, controlled by the French-Lebanese Safa group.
The shipyards are now managed by a special purpose executive, who is tasked with liquidating the company’s assets.
A giant dry dock has already passed to the state, several land tracts have been sold off and the military portion of the shipyards will be put on the auction block in the next 18 months.
