Face-off over OLP board meeting location

The first conflict since the privatization last year of Piraeus Port Authority (OLP) has emerged between the Greek state and Chinese group Cosco, the owner of 51 percent of the Athens-listed company.

State sell-off fund TAIPED, which holds 23.14 percent of the voting rights, has voted down the main shareholder's proposal for the amendment of an article in the company's charter so that continental China and Hong Kong be included among the locations for the meetings of the OLP governing board.

The issue was raised at the OLP annual general meeting two weeks ago, but TAIPED requested an extension to examine the matter due to reservations over whether that might be seen as a de facto change in the company's domicile. Cosco explained that it wants that change to be able to promote to the Chinese market and public opinion its strategic holding in Greece in the context of the...