Fraport demands 70 million euros in compensation from Greek state

29 September 2017
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According to a report in German newspaper Spiegel report Fraport, the company that bought out 14 Greek regional airports is seeking financial compensation amounting to 70 million euros by the Greek state due the condition the airport terminals were in.

The company is activating a clause in the contract signed that gives it the right to demand compensation in the event the terms and conditions specified in the agreement were not met. The concession agreement provides for a special clause to be triggered if the value of the 14 regional airports as assets has been significantly degraded at the time of their takeover in relation to the date of submission of the financial offer.

Following an autopsy at the terminal facilities by the company its inspectors concluded that a large number of doors were broken, while thousands of broken light bulbs and deficient fire safety equipment posed serious safety issues. The managing director of Fraport Greece Alexander Zinnel said the results of the group’s autopsy of the 14 airports acquired by Fraport (Thessaloniki, Corfu, Chania, Kefallonia, Zakynthos, Aktio, Kavala, Rhodes, Samos, Mytilene, Mykonos, Santorini, Skiathos) was extremely disappointing.

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