Fraport, at a price of 1.23 approx. billion Euros, in monopolistic track, acquires the 14 best airports in Hellas, leaving the remaining second-rate ones to the State. The total price with the subsequent economic benefits for the Hellenic government, are leniently considered "low" for a project of that scale.
The “original” TA.I.PE.D., managing the mythical State properties of the Hellenes, and seemingly will still be based in Hellas, is ready to proceed to the signing of the contract for the country’s regional airports.
Fraport, at a price of 1.23 approx. billion Euros, in monopolistic track, acquires the 14 best airports in Hellas, leaving the remaining second-rate ones to the State.
The total price with the subsequent economic benefits for the Hellenic government, are leniently considered “low” for a project of that scale.
Since the profits from the above airports will be skyrocketing for Fraport.
Now, what kind of privatization are we talking about, with the state of Hesse in Germany being a prominent investor? It is indeed an interesting question…
From what is foreseen to take place within August, since this privatization project is included in the measures package to be brought before Parliament, the contract will be signed in its entirety and will be judicially reviewed for the final approval and for the approval of environmental terms and modernization works. The completion of the deal after all the many continuances and delays, will be very difficult to take place before April 2016.
Then, of course, perhaps in June 2016 the price of 1.23 billion will be paid. And let us now examine very briefly the possible facts concerning this contract.
The main advantage or disadvantage thereof will be the means of development for each airport.
With the revenue criteria that will certainly predominate, their rational development will be very hard. Now, where the plan for a State participation that the Government has imagined, has become a “Midsummer Night’s Dream”, the harsh reality begins.
Can this country and its Government monitor, with true determination and success, the subsequent compliance with the agreement made with the foreign investors, according to sound investment rules?
He hardly wish for the regional airports to become “another Spata airport” with a colonialist agreement and corresponding implementation parameters.
Now that the “theoretical resistance” any kind of participation has come to an end, we need to establish such contractual terms that will aim to the gain of proportionate benefits for the local communities, regions and the country.
The hard part is “imminent”.
Executives with patriotism and knowledge are essential for this round of this crucial agreement. Are there any? And if so, do they have their hands free for the required implementation of the above? Because at one point we need to ask ourselves seriously, with sarcasm and self-awareness, what is this country going to do?
How low is this country willing to go for its next “fix”?
Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.
Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.
He was born in Athens, Greece, 13 January 1947; admitted to Athens Bar Association 1974. Education: University of Athens, Law School (1972), London, (L.LM. 1980), specialized in Aviation Law and originally worked in the respective field on behalf of British Tour Operators and Charter companies.
With longstanding journalistic and writing activity, his articles have been published in financial newspapers and magazines specialized in Aviation and Tourism. Author of pioneering monographs on the development issues of Olympic Airways (1989), he has published during a course of many years, a series of articles regarding its viability, its position in the international environment, as well as for other private airlines in general, while at the same time he participated in relevant International and Greek Conferences and Organizations. Successful and long-term engagement with issues regarding private airports / heliports, Low Cost Carriers (LCC), Aircraft Fractional Ownership, Ground handling matters. At his law firm “EMM. GYZIS AND ASSOCIATES”, together with a group of specialized associates he deals mainly with aviation law issues (cooperation with construction companies for commercial aircraft and leasing companies) and tourism law issues, specializing in mass tourism from/ to Greece and occasionally cooperating with Tour Operators. Since 1993, he has founded a number of Greek and foreign airline companies, on behalf of his clients, in accordance with the applicable legal status. He has participated in committees for the drafting of legislation regarding air transport, such as private airports, the Presidential Decree for private heliports and the Basic Legislation of the Aviation Code and he is the General Secretary of the Hellenic Aviation Society. For many years, he has been studying emerging markets, as a consultant for foreign companies, which plan to invest worldwide.
LANGUAGES: English.
MEMBER: Athens Bar Association, International Bar Association, European Society of International Law (ESIL), American Society of International Law (ASIL), British-Hellenic Chamber of Commerce, Greek-American Union, Hellenic Aviation Society.
PRACTICE AREAS: Aviation Law, Aerospace Law, Tourism and Transport Law, (European) Commercial and Company Law. Arbitration. Establishment and Operation of foreign companies in Greece. Project Finance. Free Movement of Capital. Privatization. Foreign/ Hotel Investments. Mergers and Acquisitions.
