HCC ex officio investigation in the travel sector

Dimitris Loukas and team advise a leading travel operator in relation to the HCC’s ongoing antitrust investigation in the market for the provision of educational trips for public and private schools concerning suspected infringements of competition rules.

Bank-mediated fraudulent internet transactions against Alpha Bank are brought before the criminal justice system.

Natalia Chrisagi and Andreas Matsakas, members of our White-Collar Crime Team, have been representing NEXI PAYMENTS GREECE S.A., in the capacity of the universal successor of Alpha Bank, as the civil claimant appearing in support of the charge within the context of criminal proceedings against four (4) companies accused of fraud at the expense of the said Bank, specifically in the form of bank-mediated fraudulent internet transactions, as well as accused of forgery and/or money laundering in the context of a criminal organization in some of these cases. One (1) of them has been referred to the Three-Member Felonies Appeals Court of Athens, pending the hearing before it, while the remaining three (3) of them are still at the pre-trial stage, pending before either a Prosecutor or an Inquiring Judge.

HCC antitrust investigation and ensuing settlement decision in the banking & payments sector

Dimitris Loukas and team advised represented Piraeus Bank SA, Greece’s largest systemic bank, in relation to the HCC’s investigation into the suspected coordination of Greece’s major banks for the introduction of certain banking fees in the banking & payments sector. A Settlement Decision was ultimately reached following an extensive and lengthy investigation by the HCC, finding an infringement of antitrust rules (Articles 101 TFEU and 1 of the Greek Competition Act) and imposing administrative fines and corrective measures.

EETT ex officio investigation in relation to a Radio Access Network (RAN) Sharing agreement between MNOs

Dimitris Loukas and team advised mobile network operator WIND (now NOVA) in relation to the implementation/extension of its Radio Access Network (RAN) Sharing agreement with VODAFONE to urban centers, in 4G and 5G technologies, following a pertinent notification to the Greek Telecoms Regulator (EETT) and an ensuing ex officio investigation launched by EETT. After a thorough investigation, the Greek Telecoms Regulator (EETT) concluded that the said arrangement was compatible with antitrust rules (and that no further enforcement action was warranted).

Credit institutions – Refund of appr. €77M to a major Greek credit institution under a special liquidation regime, following the conversion of deferred tax assets (DTAs) to deferred tax credits (DTCs) – Landmark win by our tax team

We are thrilled to announce that our tax team, led by Aspasia Malliou with the support of Maria Kilatou, senior associate, has successfully handled a landmark, within the Greek banking sector, tax dispute, related to the conversion of deferred tax assets (DTAs) to deferred tax credits (DTCs) against the Greek State, giving rise to a direct refund claim of a total amount of approx. €77M to a major Greek credit institution under special liquidation regime. Our tax team has supported the latter on initiating the special procedure, as provided under Article 27A of Greek Law 4172/2013, applicable on credit institutions, allowing for the conversion of DTAs to DTCs against the Greek State. Following, the submission of a special request, grounded on a complex legal and accounting argumentation, the Greek Tax Authorities assessed the request and audited the legal and accounting documentation, concluding that the credit institution is entitled to the direct refund of deferred tax credits of approx. €77M. The above pioneering outcome relating to a very new procedure for the conversion mechanism of DTAs to DTCs has a significant impact, as it creates a precedent for DTCs refunds in the whole banking sector.

First-instance conviction for embezzlement and fraud on the courts committed against the Cooperative Bank of Dodecanese SYN.P.E.

Andreas Matsakas, member of our White-Collar Crime Team, successfully represented the Cooperative Bank of Dodecanese SYN.P.E. – which is in special liquidation, conducted by our client, namely PQH Single Liquidation S.A. – as the civil claimant appearing in support of the charge before the Three-Member Felonies Appeals Court of Dodecanese, which found an employee and a prominent customer of the abovementioned Bank guilty of embezzlement, as well as the said customer and his wife guilty of fraud on the courts.

Α landmark transaction in the Greek cement and quarry industry.

We are happy to announce that our law firm supported HERACLES Group, a member of Holcim in the negotiation and execution of the agreement for its acquisition of Larsinos SA, a landmark transaction in the Greek cement and quarry industry. Our team is led by Partners Vassilis Stergiou (M&A), Dimitrios Loukas (Competition), and Theologos Mintzas (Real Estate & Environment), and supported by Associates Nikolas Sigkridis, Kostas Manikas, Ioanna Kefaloniti, Ilia-Aikaterini Boura, Anastasia Bolari, Marialena Papageorgiou, Elisabetta Lentsiou, Nikoleta Nikolaou, and Elena Theodoropoulou.

POTAMITISVEKRIS advised the Hellenic Financial Stability Fund (HFSF) as selling shareholder in connection with the secondary offering of existing shares representing a 22% shareholding in the share capital of National Bank of Greece S.A.

We are delighted to announce that we advised the Hellenic Financial Stability Fund (HFSF) as selling shareholder in connection with the secondary offering of existing shares representing a 22% shareholding in the share capital of National Bank of Greece S.A. The transaction was structured as a fully marketed offering consisting of a public offering in Greece and a private placement book-building process to QIBs in the USA and to certain other institutional investors outside of the USA.
This historic transaction for the capital markets and the banking system of Greece is one of the most successful ones, with the combined offering being oversubscribed by more than 8 times, and the total gross proceeds raised by the HFSF amounting to circa €1.067 million.
Our team was led by Managing Partner George Bersis, assisted by Senior Associate, Elena Theocharakou and Associate, Elisabetta Lentsiou.

POTAMITISVEKRIS supported the consortium of EFA, BFG and GEK Terna in the signing of the sub-concession agreement for the operation and maintenance of Filippos B Port in Kavala

Theologos Mintzas (Partner) and Anastasia Bolari (Associate) supported the consortium of European Finance & Aerospace Ventures SA, Blacksummit Financial Group and GEK Terna in the signing of the sub-concession agreement for the operation and maintenance of the Filippos B Port in Kavala. Dimitris Loukas (Partner) and Kostas Manikas (Associate) advised with regard to competition law issues. This was the first ever port sub-concession agreement in Greece and an important infrastructure transaction for the development of Northern Greece.