Cecrops: The irreversible decision of the Supreme Court is an unpleasant and unexpected development

Kekrops, in an announcement, announced that, through its legal advisers, it studied its reasoning no. 747/2022 of the decision of the Supreme Court regarding the area in Psychiko.

With this decision, as the company notes: a) the lawsuit of the Greek State is partially accepted regarding the area outside the city plan, area 242.25 acres and respectively rejects the objection of KEKROI on abusive exercise of the right of the Greek State, because it was considered that no burdensome consequences are created in KEKROΨ with the loss of the out-of-plan area of ​​242.25 acres.

On the contrary, b) the action of the Greek State is rejected in relation to the planned area of ​​49.75 acres, with the admission that the exercise of the right of the State, which had repeatedly recognized the rights of KEKROPS, is abusive and respectively that the loss of this area will cause significant damage to KEKROΨ both due to its previous utilization and due to the loss of the possibility of utilization in the future.

This decision of the Supreme Court, in its part referring to the off-plan area, is in contradiction with previous case law of our Courts, and in particular with the assessment of the consequences that KEKROPS suffers from the loss of the off-plan area, when in fact he The Supreme Court with its decision 598/2018 had already recognized this abusive behavior of the Greek State. Thus, the non-acceptance of the abusive exercise of the right of the State for the off-plan area and in contrast the acceptance of the abusive exercise of the right of the State for the rest of the in-plan area was an unpleasant and reasonably unexpected development.

The above decision is irrevocable. The Company is considering other possible legal actions.