With regard to the issuance of the Joint Ministerial Decision (JMD), concerning the Metropolitan Park, in the ex-airport of Ellinikon, which was sent to us this afternoon, the Company has the following comments:

The JMD persists in their position, of the Ministry of Culture, which has created obstacles in the commencement, as well as the development of the project, without taking into consideration the special law that concerns the investment (N4062/12), the SPA provisions that had ratified by the Parliament, nor the provisions of the Presidential Decree in accordance to which the design of the project has been approved.

Specifically, the Joint Ministerial Decision requires:

  1. a) Opinion by the Ministry of Culture in all studies concerning tall buildings, special buildings, special constructions, infrastructure projects, etc.
  2. b) Approval by the Ministry of Culture in all studies for every individual project in an undetermined area around the listed monuments of the Park.

The above underline the systematic and organized efforts and create serious bureaucratic obstacles, adversary affecting the project time frame and the budget.

In fact, before the commencement of any individual project, prior approval is required by the Ministry of Culture. This uncertainty immediately puts at a risk the completion of the investment.

The Company once more faces a sudden overturn of the already agreed.

These positions are considered to be contrary to the spirit of the repeated consultations during the Central Administration Council meetings for the last 10 days.

Following the above and after 4.5 years of mockery of the investors and the Greek society, the investment is now considered to be unsound.