Greece’s top court, the Council of State, ruled on Friday that the transfer of the controlling stake of Athens Water SA and Thessaloniki Water SA to the Hellenic Corporation of Assets & Participation (HCAP), the privatization fund, is unconstitutional.
The Council of State said that under the constitution the Greek state must have full control on the country’s water utilities, both in board and equity stake.
The court’s rule was on a law approved by the Greek Parliament in 2016 envisaging the transfer of the majority of equity capital in both utilities to HCAP.
