ECONOMY

Council of State rejects transfer of water company stakes

Council of State rejects transfer of water company stakes

Greece’s top administrative court on Friday ruled unconstitutional the transfer of a controlling stake of Athens Water SA (EYDAP) and Thessaloniki Water SA (EYATH) to the Hellenic Corporation of Assets & Participations (HCAP). 

The Council of State said that under the provisions of the constitution, the Greek state must have full control on the country’s water utilities, both in board and equity stake. 

The court’s ruling related to a law approved by Parliament in 2016 envisaging the transfer of the majority of equity capital in both utilities to HCAP.