Greek Court News

An Iranian-flagged tanker seized by Greece in April, part of whose cargo was confiscated by the United States, was being towed to the port of Piraeus on Saturday, Greek coast guard officials said, after Greek authorities approved its release.For over two months the Iranian-flagged Lana has been anchored off the Greek island of Evia in a diplomatic impasse which strained Athens' relations with Tehran amid growing tensions between Iran and the United States."It left Karystos at 06:30 am (0330 GMT) and is expected to reach Piraeus around 10:00 pm…

Iran's Ports and Maritime Organization (PMO) said on Tuesday the Iranian-flagged Lana tanker ship seized in April by Greece is no longer impounded and its oil cargo will be returned to its owner, according to Iran's semi-official Mehr news agency."With the swift and authoritative action of Iran, the Greek government finally issued an order and we are now witnessing the lifting of the ship's seizure and the return of its cargo to its owner," the PMO told Mehr.The ship, previously called Pegas and renamed Lana in March, had reported an engine problem in April.

Iran expects an oil cargo confiscated by the United States off the coast of Greece to be returned in full, Tehran's ambassador to Athens said on Thursday, following a Greek court ruling quashing the original decision to confiscate it.The case arose when Greece in April impounded the Iranian-flagged Lana, formerly Pegas, with 19 Russian crew members on board, near the island of Evia due to European Union sanctions.The ship was released due to complications over its ownership. The United States in May confiscated part of the Iranian oil cargo onboard…

A Greek court on Wednesday overturned an earlier court ruling that allowed the confiscation by the United States of part of a cargo of Iranian oil on an Iranian-flagged tanker off the Greek coast, three sources familiar with the matter said.The incident had led to an angry response by Iran, with Iranian forces last month seizing two Greek tankers in the Gulf after Tehran warned it would take "punitive action" against Athens.Iran had also appealed the original court decision, one legal source said, declining to be named."The action for the reversal of the ruling was accepted by the court," the source said. "It will be hard to overrule that (the appeal court's ruling)."It was not immediately clear if the U.S.

Greece sent an official complaint to Turkey on Tuesday, its foreign ministry said, after a Turkish vessel collided with a Greek coast guard boat off disputed islets in the Aegean Sea. The Greek coastguard said in a statement that the incident took place at Imia, known as Kardak in Turkish, at about midnight on Monday. A Turkish patrol vessel "made some risky manoeuvres" striking the left side of the Greek coast guard vessel patrolling the area, and damaging it. There were no injuries, the coastguard said. Turkey and Greece, NATO allies, have been at odds over a host of issues from ethnically split Cyprus to sovereignty over airspace and overflights. They came to the brink of war in 1996 in a sovereignty dispute over the islets, but tensions have eased since.

German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece's Thessaloniki Port with an offer of 231.9 million euros ($251.8 million), privatisation agency HRADF said on Monday. The sale is a key part of the country's international bailout signed in 2015 and comes less than a year after China's COSCO Shipping bought a 51 percent stake in Piraeus Port, Greece's biggest, for 280.5 million euros. The bid for Greece's second-largest port by Deutsche Invest Equity Partners…

The National Privatization Fund (TAIPED) sources said that Greece's Court of Audit has approved the sale of a 67 percent in the Piraeus Port Authority (OLP) to Chinese Cosco, according to Kathimerini. Greek national news agency AMNA also reported, citing credible judicial sources that Greek Court of Audit, Greece's supreme administrative court, approved  the sale of the majority stake. On February 17 Greece's privatization fund had declared COSCO Preferred Investor for the sale of the controlling stake in Greece's largest port for 368.5 million euros. Under the concession deal which expires in 2052, COSCO will invest an extra 350 million euros over the next decade in infrastructure works at Piraeus.

Greece named China's Cosco as the preferred investor for the acquisition of a 67-percent stake in the country's biggest port, Piraeus , its privatisation agency (HRADF) said on Wednesday. Greece last month named Cosco as the highest bidder for the stake and asked the company to submit the necessary documents to name it a winner. "During its session today, the board of directors of HRADF unanimously declared Cosco Hong Kong Group Limited as the preferred investor," HRADF said in a statement. The tender dossier will now be submitted to a Greek court of auditors, it said. An approval by the auditors and other authorities is necessary for the deal to be signed. Reporting by Angeliki Koutantou

China's Cosco Group and four other suitors have been shortlisted as potential buyers of a majority stake in Piraeus Port Authority OLP, Greek privatisation agency HRADF said on Thursday. Greece is aiming for privatisation revenues of 1.5 billion euros this year by selling a stake in OLP and in Thessaloniki Port Authority OLTH, as well as by privatising railway operator TRAINOSE, rolling stock company ROSCO and some regional airports, among other assets. The other potential OLP investors shortlisted were: U.S. terminal operator Ports America; Dutch container terminal operator APM Terminals; Philippines-based International Container Terminal Services ; and close-ended investment company Utilico Emerging Markets Limited.

Multiple news sources have reported that Greek court has convicted nine officers and shipping company officials of negligence in the sinking of a cruise ship off the resort island of Santorini more than six years ago. Sea Diamond, a Louis Hellenic cruise vessel, was carrying roughly 1,600 people when it hit rocks off Santorini’s cliffs and sank in April 2007. Two French passengers were never found and are presumed drowned. The Piraeus court imposed suspended sentences Wednesday ranging from six months to just over 12 years, and acquitted another four defendants, the Associated Press reported.

Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations. In addition the company announced that it has put all administrative staff in Greece on unpaid leave pending the outcome of the court ruling and discussions with financial institutions and various creditors.

Royal Olympic Cruise Lines Inc. announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors. Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan. The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines.