The Court of Appeal with its decision No 802/2007 approved in all the appeal of CON. CARDASSILARIS & SONS S.A - CARDICO major shareholders Mr. Nikolaos, Ioannis and Georgios Kardasilaris while rejecting the lawsuit and subsequent appeal of Piraeus Bank, canceling the decision No 2726/2006 of the Country City Court whereby the court had ruled in favor of Piraeus Bank and against the company's major shareholders Mr. Nikolaos, Ioannis and Georgios Kardasilaris for the amount of euro 11,388,993 plus interest.
Bank of Piraeus claim refers to the reimbursement of the total value of its participation to the company's share capital, based on the cooperation contract between Piraeus Prime Bank, the company CON. CARDASSILARIS & SONS S.A - CARDICO and its major shareholders Mr. Nikolaos, Ioannis and Georgios Kardasilaris, and the cooperation did not continue, without any cause by the company, due to the sale of Prime Bank to Marfin Group and the subsequent change of Group Piraeus Bank's strategy, which in case it was going to materialize, it would have benefited the company's growth
The aforementioned participation of the Bank to the company's share capital has been eliminated since three years.
As a result of the development of events, all arguments of the major shareholders of the company and the company itself have been justified as it was already mentioned by the Chairman of the Board Mr. Nikoalos Kardasilaris in his letter published on December 2, 2006 at the AXIA newspaper as a response to a series of published articles regarding this matter