The appeal against the building permit for the shopping mall in Votanikos, went on trial today, 6 March 2009, at the Plenary of the Council of State. During the hearing, the lawyers of Babis Vovos International Construction S.A. as well as those of Panathinaikos F.C., the Panathinaikos Athletic Club, the municipality of Athens and the Greek State supported with convincing arguments firstly the constitutionality of the law of the Joint Redevelopment and secondly the legality of the affected acts (building permit and the environmental conditions report of the shopping mall). The largest post-war development that has taken place in our country and concerns the Joint Redevelopment is based upon the law that was voted by vast majority by the Greek parliament.
We remain optimistic that the decision of the Plenary of the Superior Cancelling Court, in whose judgment we have absolute faith, will be in favour of the Company, that based on a law of the Greek Parliament, has already made a considerable investment in the Joint Redevelopment. It will also be in favour of Panathinaikos F.C., Panathinaikos Athletic Club, as well as the municipality of Athens and the Greek State, that joined by the Company take part in the effort to improve living standards in the area of Votanikos and the area of Alexandras Avenue.