ECONOMY

EYDAP sued for 5.4 bln euros by Marathon

The Municipality of Marathon, north of Athens, has filed a lawsuit against water company EYDAP, seeking 5.4 billion euros in damages for failing to pay for the water it has tapped from the region. According to the municipality, EYDAP has been charged for the water it has been piping from the region since 1999 but has not settled its bills. The state-controlled water company, whose shares were listed on the Athens bourse in 2000, was until then allowed free access to the area’s resources, as its purpose was to provide a service to the state and not operate as a profitable company, the municipality added. With a market capitalization of 544.2 million euros, the amount being sought by the municipality is some 10 times the value of the company. The hearing has been set for June 2013.