PASAL Development SA, in order to inform the investors community, announces that its subsidiary Lavrion Mining Company (EMEL SA), having exhausted all available remedies, filed an appeal before the European Court of Justice against the Greek State for infringement of property rights, claiming a plot of 147.000 sqm, within the limits of the Municipality of Lavrion. The above plot was donated in 1993, to the Municipality of Lavrion, under the condition that within 3 years the municipality authorities should have prepared and submitted urban design studies to the Ministry of Environment, Urban Design and Public Works (YPEXODE) for the inclusion of two other properties owned by EMEL located near the port, in the approved town plan, and the designation of the allowable use of the relevant area for residential development (General Housing).
The Municipality of Lavrion did not act within the above period and therefore EMEL considers that the agreed condition was not fulfilled, and requests the return of ownership of the donated plot back to EMEL. The company has to date, not presented this claim in the financial statements. The decision is expected within about 1.5 years and will be final and immediately enforceable.