Cosco is deeply disappointed and bothered after the rejection decision of the Ports Planning and Development Committee for the largest part of the investment project of PPA, whose unsettled value is 580m euros. This was not only because virtually all the additional investments (of 354 million) that Cosco wanted to implement were de facto rejected, but also because, even for those that were approved, binding and not, their authorization is necessarily reissued to the Ministry of Culture, the Central Archaeological Council and the Central Council of Modern Monuments.
Cosco sources say in the “K” that the company evaluates all its choices, but they consider the recourse to arbitration as a more direct action to claim the immediate return of the extra 16% of the share capital. Percentage paid to the State but the transfer was linked to the implementation of so-called binding investments. Investments that appear to be “not going to be licensed at all and will not be done under the responsibility of the State,” they note.
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