TECHNICAL OLYMPIC Group announces to the investors that it gained a final vindication by the Athens Court of Appeals, regarding the acquisition process of the Porto Carras resort.
More specifically, the Athens Court of Appeals, with its 742/2007 ruling, rejected the objection exercised by PARRAL company, creditor of TOURISTIKI GEORGIKI EXAGOGIKI (TGE), the former owner of Porto Carras. PARRAL had demanded the cancellation of the transfer of TGE''s assets to the company PORTO CARRAS SA, a subsidiary of TECHNICAL OLYMPIC-MOCHLOS SA.
That ruling by the Athens Court of Appeals puts a final end to the dispute over the validity of the special liquidation and acquisition of the Porto Carras resort, by the Group TECHNICAL OLYMPIC.