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HomeColumnsArticlesThe extremely expensive Airbus Α340-400 will become… “Excellent pots and pans”

The extremely expensive Airbus Α340-400 will become… “Excellent pots and pans”

Apollo Aviation offered USD 9.0 million, but the Greek Bureaucracy and the Hellenic Court of Audit, have dissolved any hope of a sale.

A new glory field is opened up for the aircraft with manufacturer number MSN 292 and 280.

The infamous TAIPED and the old Olympic have succeeded after so many years to sell out, for scrap and possibly for pots, two of the aircraft that have cost the naive Greek taxpayer, along with the other two that were managed to be sold in pieces, more than USD 400.0 million, including the costs for their pointless maintenance for years, storage costs and various other multifarious expenditure as well as and engines that “vanished into thin air”.

And when in 2011 a buyer from the US was found, willing to offer about USD 40.0 million, a series of circumstances has canceled this contract as well.

Subsequently, Apollo Aviation offered USD 9.0 million, but the Greek Bureaucracy and the Hellenic Court of Audit, have dissolved any hope of a sale.

TAIPED now, that has not yet the ownership on paper, which belongs to a Cypriot company, is making desperate attempts “to dive into deep water” since they are not navigable, and perhaps instead of pots, they will be turned to entertainment features for adults and children.

And of course, the Cypriot Ottinger Enterprises Limited remains the owner of the aircraft, so probably neither those will be sold for scrap or entertainment.

Everything now is a matter of time and deadlines. And the tug of war of postponements is “alive and kicking”. Oh you glorious public sector, like a bulldozer crossing over the corpse of the HELLENIC Economy, and any private initiative, “you are being glorified” over and over again! Hooray! Your prestige!

Citizens of the country that devours its children, fear not. The Public Administration “respects” your Angelic patience and is striving for “your own benefit”. Let us pray together for something to change at last. Difficult to impossible…

Emmanuel A. Gyzis is managing partner of Emmanuel A. Gyzis & Associates Law Offices.

Managing Partner - Emmanuel A. Gyzis & Associates Law Offices | + Posts

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.

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