August 10, 1956

OLYMPIC AIRWAYS: Minister for Public Works and Transport Georgios I. Rallis yesterday released the full text of a contract granting operating rights for Greek air transport to Mr Aristotle Onassis. The contract states in principle that the grant is of a 20-year duration and provides for exclusive operating rights to all Greek-flagged air carriers both at home and abroad. It also gives Onassis the rights to the servicing of all foreign aircraft which do not have their own services at Greek airports, as well as the exclusive right to transport mail by air at home and abroad. Finally, it also allows for the exclusive installation and exploitation of aircraft maintenance teams. Mr Onassis is required to set up a Greek firm within the next three months, with a possible extension to six months. The firm’s capital is set at 1.5 million dollars, to be deposited in full in cash within six months and to be divided into 15,000 shares each valued at 100 dollars, 60 percent of which must be owned by Greek citizens. The contract also states that Onassis is required to buy all property assets owned by the state carrier TAE, including 14 DC3 aircraft and one DC4.

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