News archive:
2007
2006
2005

8/2008

Moussas & Tsibris win international arbitration dispute

Moussas & Tsibris have successfully defended clients Mytilineos Holdings SA and Thoriki SA against a lawsuit by the Romanian State Authority “AUTHORITY FOR RECOVERY OF STATE ASSETS” (ARSA) in arbitration under the UNCITRAL rules. Arsa claimed an amount of approximately 27 mio USD comprising indemnity and penalties under an investment contract by which defendants acquired the metallurgy Sometra in Romania. The arbitral Tribunal has rendered an award by which it dismissed the major part of the claim, narrowing it down to as little as 600,000 USD.



7/2008

Moussas & Tsibris advises on a merger deal

Moussas & Tsibris advises Zenon on a deal whereby Zenon Automation Technologies has signed a binding agreement with On Telecoms on June 30, 2008 for a cooperation in the field of telecommunications and digital technology.
Amsterdam-based On Network Holdings NV, 100% owner of greek On Tecekoms, will participate in Zenon’s capital increases in cash and by contributing On Telecoms shares. The planned merger will be completed by autumn, and On Telecoms will thus be indirectly listed on Athens Stock Exchange. The agreement is subject to approval by the competent authorities. The deal is valued at approximately 135 mio €.
http://english.capital.gr/news.asp?id=531775



29/6/2008

Moussas & Tsibris win major securities litigation cases

The firm has recently obtained two judgments by the administrative Court of Appeals of Athens, which annulled decisions of the Hellenic Capital Market Commission imposing fines on individuals for breach of securities laws. The first concerned a fine of 2 mio Euros on a major shareholder of a listed corporation on insider trading allegations. The fine was the largest ever imposed by HCMC at that time (2001). The second concerned a slightly smaller fine on the chairman of the BoD of a listed corporation, who had allegedly misinformed the market by signing non true financial statements.



28/6/2008

Mytilineos blocks Serb mining sale

On the eve of what was about to be a successful closing of the second RTB BOR asset sale through international tender launched by the Serbian Government (April 4, 2008), Moussas & Tsibris, acting on behalf of their client Mytilineos Holdings SA, a Greek metals and energy group in rapid growth, managed to obtain an order for preliminary injunction by a Greek court against RTB and had it efficiently served to the Austrian company A-TEK, the buyer, through Regulation 44 procedures. A-TEK had to comply with the order and to withhold a payment to RTB BOR equivalent to Mytilineos’s claim. Mytilineos is the biggest private creditor of ailing RTB BOR in an amount of approximately 60 mio USD deriving from a long term investment agreement in 1998 and has been pursuing an investment (BIT) claim against the Government of Serbia in international arbitration, attributing RTB BOR’s default on acts and omissions of the Serbian (then Yugoslavian) state. Serbia has been trying to sell the entire assets of the mining giant for the last three years. Even though the sale price was much larger (approximately 470 mio USD) and that A TEK had to withhold only part of it equivalent to Mytilneos’s claim, the Serbian government elected to cancel the whole deal.
Athens News June 6 2008..

31/1/2008

Sale of HRM SA by Hachette Rizzoli

Moussas & Tsibris have acted for Hachette Rizzoli International, in a transaction involving the sale of their 50% stake in the Greek company HACHETTE RIZZOLI MAGAZINES SA, which publishes among others the Greek edition of ELLE magazine, to Pegasus SA one of the major Greek publishers, which is also listed on the Athens Exchange. Pegasus already owns the remaining 50% of the share capital of HRM.

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