Greece’s environment and energy ministry has tabled a draft amendment in Parliament to legalize all illegally built structures over the past decades by soon-to-be privatized ferro-nickel producer Larco.
The aim of the draft legislation is to deliver the major south-central Greece industrial unit – included in one of two simultaneous international tenders – and its affiliated mines without legal constraints and “shadows”.
The twin tenders for the debt-ridden but strategically significant metals maker are set to debut next month, managed by the semi-autonomous privatization fund (HRADF) and a special liquidator, due to Larco’s insolvency.
If ratified – as widely expected – the law would exclude new owners from administrative fees, penalties and interest due for illegally built structures, many erected during the decades that Larco was state-owned and operated – posting annual yearly losses in the process.
Additionally, new owners will be able to lease or transfer such structures.
Temporary structures may be demolished or removed, as per the new owners’ decisions.
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