The Athens Court of Appeal has rejected a Greek government petition against an arbitration award granted in 2017 to Privinvest Group relating to its Hellenic Shipyards subsidiary, maintaining that Greece still owes EUR1.2 billion (USD1.4 billion) for defaulting on its contracted obligations.
The case dates back to 2010 when Privinvest, via its Abu Dhabi MAR shipbuilding subsidiary, acquired a majority share in the shipyard from ThyssenKrupp MarineSystems (TKMS). Prior to the acquisition, the Greek government terminated a contract with the shipyard in 2009 for the upgrade of Type 209 submarines to the Neptune II standard for the Hellenic Navy, as well as the construction of Type 214HN Papanikolis-class submarines for the service.
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