Giannis Papachristou, the new CEO of the Hellenic Corporation of Assets and Participations (HCAP), and Panagiotis Stamboulidis, the new executive board member, have moved to cancel the tender process for the sale of a majority stake in Volos Port Authority to Thessaloniki Port Authority (OLTH). OLTH had previously been declared the preferred investor in a state-run bidding process, offering €51 million—nearly double the €26 million bid submitted by the runner-up, Goldair.
The official announcement framed the decision as a “unanimous resolution” by Growthfund’s board, stating that it aligned with a “new strategic framework for the management of public assets” following the absorption of Greece’s privatization agency, HRADF, into Growthfund. However, this reasoning has not convinced OLTH, which invested significant time and resources in securing control of Volos Port. Sources from Thessaloniki suggest that OLTH’s management is now demanding a detailed explanation of the decision and is exploring its legal options to challenge it.
At the heart of the issue is a broader political and economic consideration. If the Greek government had concerns about businessman Ivan Savvidis controlling two of the country’s major ports, it should have made this position clear in September 2023, when OLTH was selected as the preferred investor. Instead, the decision to cancel the sale comes months later, coinciding with the emergence of a takeover bid for OLTH itself by LeonidsPort, a company linked to the influential Louis-Dreyfus family.
Beyond the geopolitical implications, the situation raises serious questions about potential conflicts of interest. Panagiotis Stamboulidis, now an executive member of Growthfund’s board, previously served as an executive director and authorized consultant of HRADF. Since 2023, he has also been a board member of OLTH, representing the Greek state, which holds a 7.3% stake in the port authority. His term on the OLTH board is set to run until 2029.
This means that Stamboulidis played a key role in two conflicting decisions. As a member of OLTH’s board, he participated in the unanimous decision to pursue the acquisition of Volos Port and submit a €51 million bid. Now, as part of Growthfund’s leadership, he has supported the move to block that very acquisition, arguing instead that Volos Port should remain independent.
The full implications of this decision will become clear if OLTH decides to take legal action against Growthfund’s board for canceling the sale. If that happens, Stamboulidis himself could face legal scrutiny.
There is also a broader regulatory question: how does Growthfund’s Corporate Governance Council view this situation? And what stance will the Hellenic Capital Market Commission take on Stamboulidis’ dual role, which effectively allows him to be involved in both approving and blocking the same deal?
