The supervisory council of the Hellenic Holdings and Property Company (EESP) provided a solution to the administrative crisis at state sell-off fund TAIPED by selecting the fund’s chief executive officer Antonis Leousis as its new president, so that he holds both positions.
The appointment will allow for the updating next week of the Asset Development Plan, one of Greece’s bailout obligations that has been delayed, TAIPED sources explained.
EESP intervened to end the crisis at TAIPED – since May an EESP subsidiary – as the competence of appointing the TAIPED administration lies with the governing board of EESP, which has yet to be formed. Therefore, the responsibility was passed to the EESP supervisory council, which performed its first act of crisis management.
The problem at TAIPED was exacerbated when its previous president, Stergios Pitsiorlas, was made deputy economy and development minister, leaving the TAIPED board with just three members, against the normal figure of five. Three members are enough to make decisions, but only if they all agree.
After one of them disagreed on Thursday, the head of the EESP supervisory board contacted Finance Minister Euclid Tsakalotos, who indirectly expressed his preference for Leousis, who on Friday night was voted president by the TAIPED board.