BUSINESS

Greek privatization fund to get new management, says Finance Ministry

Greece's state privatization fund is to be overhauled for the fifth time in two years, the finance ministry said on Monday, as it announced plans to seek new management.

The ministry said the terms of the chairman and managing director at the Hellenic Republic Asset Development Fund (TAIPED) would not be renewed and it would seek new candidates.

Outgoing chairman, Constantinos Maniatopoulos, was appointed less than a year ago after his predecessor was sacked. Yiannis Emiris, the managing director, was named two years ago.

The fund recently completed a 915-million-euro ($1.2-billion) deal to lease the former airport of Elliniko to Greek, Arab and Chinese developers, a project that had frustrated successive governments for a decade.

The sale of state assets is a precondition of the EU-IMF bailout that has been keeping Greece afloat since 2010.

Greece had originally pledged to raise 50 billion euros by selling or leasing state assets by 2015, but this was later scaled down drastically.

According to the latest estimates, Athens hopes to raise 1.5 billion euros in proceeds in 2014, 2.2 billion in 2015, 3.2 billion in 2016, 2.8 billion in 2017 and nearly 3 billion in 2018.

[AFP]

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