ΜΠΑΜΠΗΣ ΒΩΒΟΣ Α.Ε.
Response to a press release
Following the publication of an article in the Eleftherotipia newspaper on 04/11/2009, the management of BVIC S.A. would like to clarify the following:
The construction of the stadium and the shopping mall are inexorable linked and in order for the Joint Development to take place, the project must be completed in its entirety for the following reasons:
1. The decision of the Council of State, by cancelling the provisions of paragraph 2b of article 12 of law 3481/2006 that allow commercial uses and the doubling of the building coefficient, annuls the act according to which part of the asset belonging to the Company was donated to the Municipality of Athens, since the results of the aforementioned act are reversed automatically, because in the agreement for a concession without exchange there was in fact a solvent condition, the provisions of which were fulfilled and therefore the donation to the Municipality of Athens was automatically reversed, according to article 202 of the civil law code.
2. In order, however, for the construction of the shopping mall to be possible, according to the above mentioned decision by the Council of State, there has to be an independent balance/ratio of green area in Votanikos, that is easily ensured, given on one hand the consent of the Municipality of Athens for the abolishment of the multiple-use centre on building block 45-46-50, and on the other hand the commitment undertaken by the management of BVIC S.A. to contribute: a) with the conversion, at its own expense, of a 23,000 sqm building surface located at a neighboring building block into common use green area and b) with the creation of free common use green area on the uncovered surface of building block 45a, according to the provisions of article 12 paragraph 6 subparagraph a of L.1577/85 (General Building Regulations), with a total surface of 20,213 sqm.
The estimation of the damages mentioned in the article is inaccurate/unfortunate, given that the Joint Redevelopment project will be realized in its entirety, in the hypothetical case of the cancellation of the construction of the shopping mall, the estimated damages will come to hundreds of millions of euro.
The construction of the stadium and the shopping mall are inexorable linked and in order for the Joint Development to take place, the project must be completed in its entirety for the following reasons:
1. The decision of the Council of State, by cancelling the provisions of paragraph 2b of article 12 of law 3481/2006 that allow commercial uses and the doubling of the building coefficient, annuls the act according to which part of the asset belonging to the Company was donated to the Municipality of Athens, since the results of the aforementioned act are reversed automatically, because in the agreement for a concession without exchange there was in fact a solvent condition, the provisions of which were fulfilled and therefore the donation to the Municipality of Athens was automatically reversed, according to article 202 of the civil law code.
2. In order, however, for the construction of the shopping mall to be possible, according to the above mentioned decision by the Council of State, there has to be an independent balance/ratio of green area in Votanikos, that is easily ensured, given on one hand the consent of the Municipality of Athens for the abolishment of the multiple-use centre on building block 45-46-50, and on the other hand the commitment undertaken by the management of BVIC S.A. to contribute: a) with the conversion, at its own expense, of a 23,000 sqm building surface located at a neighboring building block into common use green area and b) with the creation of free common use green area on the uncovered surface of building block 45a, according to the provisions of article 12 paragraph 6 subparagraph a of L.1577/85 (General Building Regulations), with a total surface of 20,213 sqm.
The estimation of the damages mentioned in the article is inaccurate/unfortunate, given that the Joint Redevelopment project will be realized in its entirety, in the hypothetical case of the cancellation of the construction of the shopping mall, the estimated damages will come to hundreds of millions of euro.