The controversy surrounding Pavlidis SA is now entering a new phase, with the case taking on international dimensions and moving, in addition to the Greek courts, to the courts of British Justice.
The focus is on the 2023 transaction, when Pavlidis SA was sold through DOLIT Investments in a deal that valued the company at close to €260 million. The specific deal was presented at the time as one of the most significant business moves of the year. However, this was followed a few months later by the acquisition of the company by Christopher Pavlidis, a development that was the starting point of the conflict between the family members.
Christina and Kyriakos Pavlidis argue that the principal transaction did not constitute a routine sale to an independent investor, but was part of a broader plan that ultimately led to their withdrawal from the company’s equity.
Of particular interest is the valuation relied on by the applicants, which they say is based on an expert report by Deloitte. On this basis, the value of Pavlidis SA at the end of 2022 was approximately EUR 466 million. The plaintiffs argue that the company was sold at a discount of more than €206 million compared to its true value, while they estimate their own financial loss to be around €133.2 million.
The litigation, however, will not be limited to Greece. Under the terms of the sale and purchase agreement, disputes between the parties are subject to English law and the jurisdiction of the courts of England and Wales. On the basis of this clause, the claimants have already moved in London as well.
Nomic circles point out that the choice of the bUK jurisdiction is of particular importance, as English law is considered strong in cases of corporate fraud, misrepresentation and concealment of material information, and provides for extensive opportunities for disclosure of documents and financial information during the proceedings.
The case goes beyond the boundaries of an ordinary business dispute. It is about the conflict of a family that created one of the major international players in the marma industry, transforming a Drama based business into a global conglomerate. Today, this dispute is unfolding in the courtrooms, with at stake not only the interpretation of the events that led to the company’ssale, but also claims of hundreds of millions of euros, which may have wider implications for one of the most iconic Greek industrial groups.
