Hotel - Tourist - Construction and Quarry services

ANNOUNCEMENT

29.07.2019

“KEKROPS S.A.”, (hereinafter the Company), hereby notifies that Judgment no. 3039/2019 of the Athens Court of Appeal was engrossed on 22 July 2019, by virtue of which, as already notified by the Company, its right of ownership was recognised in on the disputed area of approximately 300,000 m2 in the district of Paleo Psychiko (known as “Latomeio”).

 More specifically, by the action brought in 1988, the Greek State was seeking to have its ownership of the said disputed area recognised, claiming that our Company has arbitrarily obtained possession thereof since 1980. By its final Judgment no. 5722/1997, the Athens Multi-Member Court of First Instance rejected the action of the Greek State and it accepted both i.e. (1) that the Company rather than the Greek State is the owner of the property and also (2) that the area is neither forest nor could it be declared reforestable. The Greek State lodged an appeal against the above Judgment in relation to which Judgment no. 3401/2014 was handed down by the Athens Court of Appeal, which accepted the action filed by the Greek State. The Company lodged a petition for cassation against the Athens Court of Appeal’s Judgment which was accepted by virtue of Judgment no. 589/2018 of the Supreme Court (Areios Pagos) thus the case was referred back to the Athens Court of Appeal.

The Athens Court of Appeal reheard the case at second degree as to whether the Company’s objection was well founded in fact (materially lawful) that the action brought by the Greek State regarding its claim for the land was an abuse of process. This objection regarding abuse of rights has already been ruled (bindingly) lawful by the Supreme Court (Judgement 589/2018). Subsequently, the Athens Court of Appeal ruled that the objection regarding abuse of rights raised by the Company is lawful and well founded in fact; it therefore vindicated “KEKROPS S.A.” following long legal proceedings.  It is utterly important, that all judgments and assumptions of the Athens Court of Appeal attest that the area is not designated as forest, based on evidence and reports of judicial experts and special foresters, all of which substantiate the area’s non-forest designation.

Furthermore, the Athens Court of Appeal considered that the Greek State for a period lasting more than 60 years, i.e. before it filed its action in 1988, would recognise the Company as the owner of the disputed area through a series of acts. Moreover, the Athens Court of Appeal ruled that by document no. 6016/183/27-3-1973 of the Forests General Directorate of the Ministry of National Economy it is proven that, on one hand , the Greek State has no claim whatsoever on the disputed area and therefore it cannot undertake any actions of possession, use or exploitation thereupon, on the other hand, that the area whatsoever cannot be designated as forest.

Following this significant development, the Company’s Management working in cooperation with local and government bodies, intends to take all necessary steps for the development of the area in the most beneficial manner not only as regards the Company and its shareholders, but also for benefit of the district of Psychiko, in the spirit of the Company’s historical role as the creator of Psychiko area and the driving force behind the first private town planning in Greece.

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