NEWS

Bobolas in new bid for access to state tenders

Leonidas Bobolas, son of one of Greece’s biggest construction magnates, said yesterday that he plans to reduce his holding in the Hellenic Technodomiki group to below 5 percent, in a bid to allow him access to state contracts. His father Giorgos Bobolas controls the Pegasus publishing group and both were severely affected by the new media law, passed last month. The law stipulates that anyone who owns, or has a close relative with, a 1 percent or greater stake in a media firms cannot bid for state contracts. The previous limit was 5 percent. However, the law comes into effect in four months and Bobolas plans to shed some 72.5 million euros worth of shares, leaving him with a stake of 4.96 percent. Hellenic Technodomiki is a majority shareholder in the Aktor construction firm, which will then be able to bid for state contracts until the new law is enforced.