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  • Motorway consultancty fees amount to 5.7 million euros

    The consultants hired by the Greek state to overlook legal, financial and technical aspects of the concession restructuring related to the construction…

    The consultants hired by the Greek state to overlook legal, financial and technical aspects of the concession restructuring related to the construction of new roads were reportedly paid 5.7 million euros.

    In 2011 the Interministerial Committee for Privatization transferred all rights related to public highways to TAIPED, with the intention of capitalizing on toll revenue, which was estimated to be about 25 billion euros. In 2012 the committee also transferred the technical, financial and legal consultant contracts over to the TAIPED in order expedite privatizations.

    The financial consultants were hired from Barclays Capital, N.M. Rothchild & Sons Limited, Ernst & Young, the legal consul was provided by Zemperis, Markezinis, Lamprou and Associates, Tsiampanoulis & Partners Legal Firm, SNR Denton UK LLP, while technical consultancy was provided by Steer Davies & Gleave Limited and Dromos Consultants LTD.

    In October 2013 TAIPED informed the Ministry of Finances that in order to “rationally and efficiently overlook” the consultancy provided, the consultation contracts must be returned to the Greek State, in serious contradiction of the bailout agreement which stipulates that the TAIPED cannot return anything to the Greek state.

    Ultimately, the Minister of Growth Kostis Hatzidakis included the 5.7 million euro consultancy fees in the public investment program, with a Finance Ministry officer appointed to manage the account.

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