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  • SEKAP Tobacco Company poised to stop payments

    Government spokesman Dimitris Tzanakopoulos said that the aim is for the tobacco company not to close, and that the government will 'act within the framework of the legal order to take any initiatives we can so that 170 jobs will not be lost'.

    ΤοΒΗΜΑ Team

    In a much-awaited meeting in light of the prospective closure of the company due to a 38 million euro fine, the SEKAP tobacco company’s board of directors decided to commence procedures to stop payments if the company’s inability to operate is not remedied.

    At the same time, government spokesman Dimitris Tzanakopoulos said that the aim is for the tobacco company not to close, and that the government will act “within the framework of the legal order to take any initiatives we can so that 170 jobs will not be lost”.

    Tzanakopoulos said that no investor can receive guarantees from the government, but that the state’s role is to guarantee the smooth operation of the legal order and of investments.

    The company is owned by Pontian Greek-Russian businessman Ivan Savvidis, who bought it in 2013 and turned it into a profit-maker.

    Bankruptcy law firm selected

    At the same meeting, the board decided to put in motion bankruptcy procedures, and appointed a special advisor to handle the issue.

    “At the extraordinary meeting of the company’s board of directors, regarding emergency measures due to the rejection by the Komotini Appellate Court of a petition to dismiss a 38 million euro fine for violations in 2009, in the context of which the enterprise’s activity was limited by the competent customs office, the decision was taken to submit a stop payments statement unless the hindrance of the company’s operation is not remedied,” the company said in a statement.

    SEKAP’s board of directors appointed as special legal advisor, to manage all bankruptcy-related issues, attorney Serafeim Sotiriadis, whose law firm specialises in bankruptcy law.

    The board also appointed a new general director of the company, Stavros-Konstantinos Papaspyrou, whose appointment was approved by Sotiriadis.

    International