Questions over PPC in FYROM

Questions over PPC in FYROM

Opposition parties in Greece challenged the government in Parliament and the media on Thursday to offer some explanation about last April’s acquisition by Public Power Corporation (PPC) of electricity trader Energy Delivery Solutions (EDS), which is based in the Former Yugoslav Republic of Macedonia. The demand was spurred by the revelation that financially challenged PPC deposited 4.8 million euros in cash for the buyout straight into the bank account of EDS owner Kocho Angjushev, who happens to be the neighboring country’s deputy prime minister.

“Who gave the political order to PPC’s management to buy out energy trading company EDS for 5 million euros from the deputy prime minister of [FYROM] ahead of the agreement on the name issue?” New Democracy’s defense spokesman Vassilis Kikilias said on Skai Radio, calling for an investigation. In Parliament, Movement for Change deputy Yiannis Maniatis called for the submission of documents to explain the move.

“The acquisition of EDS was purely a business decision by PPC in the context of its strategy for expansion in the Balkans market. In this context PPC is constantly looking out for opportunities across all countries in the region,” countered Energy Minister Giorgos Stathakis, without commenting on the coincidence of the timing with diplomatic contacts regarding the name issue.

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