Covert Takeover Makes Dutch Monopoly of Leading Greek Organizations

Covert Takeover Makes Dutch Monopoly of Leading Greek Organizations

BRUSSELS–(Organization WIRE)–Jan 8, 2021–

Netherlands-owned Reggeborgh, has assumed regulate of 95% of Greek tolls by monopolising various Greek marketplaces and defying EU level of competition restrictions. Reggeborgh has acquired minority shares in Gek Terna Team and Ellaktor Team, Greece’s two leading small business teams in the Development, Renewable Electrical power, and Concessions (Managing, Upkeep and Operation of Toll Motorways). By controlling these businesses, Reggeborgh stands to advantage from 32 billion euros of Covid-19 unexpected emergency aid funding which is getting redirected into the country’s infrastructure, renewables, and building.

In response, Ellaktor minority shareholder Mr. Michail Koulas has submitted a criticism with the European Commission Directorate-Typical for Competitors. In accordance to the Complaint, dated 31.12.2020, Reggeborgh – father or mother organization of Dutch Construction/Serious Estate Market Chief VolkerWessels – follows a approach of monopolization of Greek Building, Renewable Electricity Sources, and the Concession marketplaces. Reggeborgh acquired the majority shares in Gek Terna ( 31% due to the fact March 2019) and Ellaktor ( 27% considering that December 2020). Thinking about minimal participation stages in both equally companies’ Typical Assemblies REGGEBORGH now controls their final decision building and management. Reggeborgh now has handle of more than 95% of the Concessions sector (Managing, Servicing and Operation of Toll Motorways).

Mr. Koulas’s grievance specifics Reggeborgh’s anti-competitive exercise of abusing its sector dominance to extinguish opposition in breach of European Union opposition legislation. Reggeborgh has illegally designed a dominant and tremendous-dominant position in segments and subsegments (Marketplaces and Submarkets) vital for buyer wellbeing and distorts opposition in the Greek Geographical Market extra extensively.

According to Mr Koulas, his intent is:

“To make certain that the concentration at hand is duly examined by the proficient levels of competition authorities. Minority shareholders come across by themselves trapped in a Shareholder Pattern that has not been cleared by knowledgeable authorities. Competitiveness and antitrust regulations have to be enforced since they are developed to make certain that dominant corporations – like the Dutch behemoth REGGEBORGH – are not allowed to foreclose competitors illegally. We’re asking the EU to be a neutral bash that will look at the specifics
and enforce the regulation.”

Ioannis Papanastasopoulos (Attorney at Law, Controlling Associate of EEP Legal ) explained:

“The circumstance has been referred to the Skilled Authorities i.e. Directorate Basic Level of competition and we hope its quick action and scrutiny. The subject below evaluation is rather sensitive, due to the fact 32 billion euros of crisis/aid fund for Covid 19 for Greece will be channeled to Greek infrastructure renewables and construction marketplaces.”

Emmanouil Margomenos (Legal professional at Regulation)
senior legal counsel for the staff instructed to file the grievance explained:

“There are clear implications involved to the GEK TERNA / ELLAKTOR acquisition and focus to a one enterprise. People two sector leaders getting to be just one entity under solitary control of REGGEBORGH final results in REGGEBORGH managing each individual one kilometre of toll motorway in Greece.”

The European Commission is currently examining the criticism and will determine regardless of whether to open up a official investigation into Reggeborgh ’s anti-competitive procedures.

Ioannis Papanastasopoulos,

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PUB: 01/08/2021 11:01 AM/DISC: 01/08/2021 11:02 AM

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