GREECE
Greece’s government has submitted an amendment in parliament writing off a €44 million fine the state had imposed on tobacco company SEKAP over smuggling infractions.
The previously state-owned SEKAP was purchased by Ivan Savvidis, a Russian-Greek investor, in 2014, and by Japan Tobacco in March 2018. The multi-million fine was imposed before Savvidis purchased the firm.
The new amendment states that the owner of SEKAP is not responsible for paying the fine if the company had not been aware of the fine when it changed hands, and spares it of any new ones imposed after the sale. The company would also be protected against any negative rulings from pending litigation.