Court Affirms Privinvest Group´s EUR1.2 Billion Arbitration Award against Greece
(WorldNews Greece)

ATHENS, Greece--(BUSINESS WIRE)--Apr 15, 2019--The Athens Court of Appeal last week rejected the Greek government´s request to set aside a 2017 arbitration award worth more than EUR1.2 billion to Privinvest Group for the government´s default on payments to Privinvest and its subsidiary Hellenic Shipyards. Hellenic Shipyards in Skaramangas, Greece, builds and modernizes Greece´s high-performance submarines and is one of the largest shipyards in the eastern Mediterranean. In 2010, Privinvest Group made substantial investments in Hellenic Shipyards, but the Hellenic Republic defaulted on its obligations. The International Chamber of Commerce (ICC) found that the Greek government...