SEKAP’s future in question

The board of the Greek tobacco manufacturer, SEKAP, is due today to hold an extraordinary meeting to discuss the possibility of filing for bankruptcy, according to a story by Tasos Kokkinidis for Greek Reporter.

SEKAP, which is owned by the investor Ivan Savvidis, has been told by a Komotini Court of Appeal to pay a fine of €38 million for infractions that occurred in 2009, before Savvidis took over ownership of the company.

The daily newspaper Kathimerini apparently reported that board members would be joined today by Greek bankruptcy experts.

Savvidis owns a number of companies in northern Greece including the Makedonia Palace Hotel in Thessaloniki, the Souroti drinks company, and the PAOK soccer club.

Altogether, his businesses form part of a consortium that recently acquired a controlling stake in the Thessaloniki Port Authority, via his Belterra Investments company.