In a very recent leak, shareholders of the Dutch investment fund Reggeborgh stated, among other things, and before placing five “burning” questions: “Reggeborgh’s successful investments on a global level, along with the aforementioned facts, are the guarantee it provides for the future of ELLAKTOR, for its human resources and its shareholders, on which the general meeting of shareholders is about to decide, by voting in favor of the proposal for the new management of the company, that Reggeborgh has submitted jointly with other shareholders”
The reason behind the leaks of the Dutch fund were the shareholder moves allegedly made by the Kallitsantsis brothers, following the binding agreement that was announced last December.
In spite of their successful presence on an international scale, the Dutch have landed abruptly in the toxic environment of “greek reality”. The said leaks followed the news that ELLAKTOR and GEK TERNA were targeted by the Hellenic Competition Commission, with the Commission’s main questions inquiring about the type of participation that Reggeborgh has in GEK TERNA and its respective aspirations in ELLAKTOR.
Sources close to the Dutch stated, in the first place, that there is no involvement of them in the management of GEK TERNA and that they have not even appointed a single member of its board of directors. They also claimed that the Dutch will act similarly in the case of ELLAKTOR.
But who made the complaint, and why?
It is said that the complaint letters were sent by small shareholders, but all signs point… strongly to Sakis Kallitsantsis. And why is that? Because the Dutch requested administrative control in ELLAKTOR for the last two years and asked for a change in the Board of Directors, and Sakis Kallitsantsis could really make a fortune out of that control. Let us just remind you of what PERIODISTA.GR wrote in the past about the example of “Attiki Odos”: There, a literal “feast” took place and it is interesting to examine how the money of “Attiki Odos” is and has being used. How? Mainly in the following ways:
- Allocating large sums of money to various media outlets
- Spending great amounts of money, clearly above the actual costs, for the staff, part of which eventually deals with … “various” jobs.
Also, let’s not forget the prosecutor’s investigation into the issue of the huge operating and maintenance costs of Attiki Odos, which renders the return of Attiki Odos to the State a justified and imperative request. Moreover, one must not forget that the ELLAKTOR group was scrutinized by the Ministry of Transport, regarding the issue of the exorbitant expenses that had arisen from its media campaign and the excessive operating costs.
But what is going on today? Why is it said that Sakis Kallitsantsis will keep making things harder (see above, the questions of the Competition Commission), as long as the Dutch keep pressuring him?
Behind the curtain, it is said that Sakis Kallitsantsis wanted to “have his cake and eat it too”. That is, he agreed to leave the Board of Directors, but he wouldn’t let the Dutch lay their hands on the gains.
The Dutch are caught up in a double game
And what about the Dutch? What are they doing? The Dutch, now divided, believe that they can control the “game”, a game of domination that is being played at the current juncture in ELLAKTOR, backed by their political allies in Greece, that is New Democracy and SYRIZA.
The Dutch are listening to Nikos Dendias from New Democracy, who, as we recently read on radar.gr, is connected to them, since he is their lawyer. In fact, according to a post on the said website, the law firm of Nikos Dendias receives more than € 90,000 a month as payment from the Dutch fund. Not bad at all! However, there is a peculiar “triangle” that is being formed in that case.
Nikos Dendias is connected through Corfu, his homeland, with the contractor P. Toumbouros, who is a collaborator and partner of the Dutch. In fact, it is said that the Dutch intended to actively involve Toumbouros in ELLAKTOR, but the contractor allegedly did not accept that, because G. Peristeris, the CEO of GEK TERNA, didn’t want him there. And in order not to create problems for his Dutch friends, he backed down.
Toumbouros, however, is known to maintain a personal friendship with Alexis Tsipras.
The Dutch have therefore been “entangled” in a double game that divides and confuses them. On the one hand, they are talking to Nikos Dendias (ND), and on the other hand with SYRIZA (via Toumbouros).
The fund, however, makes a significant mistake, as it focuses on the political game and seems to underestimate the technocratic part that concerns the case of ELLAKTOR. And what are the Dutch doing wrong? They seem to be listening to Dendias, but not to G. Peristeris, who has undoubtedly proven himself as the best crisis manager.
One thing is for sure, a solution must be found soon.