An application to the International Chamber of Commerce (ICC) for the appointment of a new independent consultant who will determine the final price of the sale of Porto Karras to Ivan Savvidis’ group was submitted today, Friday, by Techniki Olympiaki.

The agreement between Techniki Olympiaki and Belterra Investments, signed on April 15, 2020, provided that the final sale and purchase price of the companies owning the Halkidiki hotel would be determined after due diligence by an Independent Advisor.

Both Techniki Olympiaki and Belterra Investments objected to the conclusion of the original independent consultant (Deloitte), while the second independent consultants (PwC on the former side and EY on the latter side), as well as the initial independent consultant (Deloitte ), due to the complexity of the project , they refused to comply with the deadlines specified in the share sale agreement.

According to the Techniki Olympiaki announcement on the Athens Stock Exchange, on July 21, 2022, the initial consultant (Deloitte) reported that it was not possible to issue a joint opinion with the second consultants. Then, according to Techniki Olympiaki, on July 27, the seller companies in writing proposed to the buyer company to jointly appoint a third independent consultant in accordance with a share purchase agreement (SPA).

“Since then, despite repeated written complaints from the selling companies, the buying company has not responded to the above invitation and has not agreed to the joint appointment of a third independent consultant,” the listed company said in a statement. “Therefore, already today, 11/11/2022, the selling companies applied to the International Chamber of Commerce (ICC) for the appointment of a third IA, in accordance with the more specific conditions provided for in the SPA.”

It is noted that only international audit companies EY, PwC, KPMG, Deloitte and Grant Thornton can be appointed as independent consultants.

Source: money review