Arbitrator orders Greece to pay €40 mln for 2004 Olympics security system

Greece will have to pay the US-based company that supplied it with a security system for the 2004 Athens Olympics 40 million euros after losing an arbitration process.

The International Chamber of Commerce issued a judgment that rejected Greece’s claim it never officially accepted delivery of the system because of technical deficiencies.

The ICC found that Greece had given the green light in November 2008 and would have to pay 40 million euros to US defense company Science Applications International Corporation (SAIC) for the system, known as C4I.