The preferred investor for LARCO's assets and the mining rights of the state and the metallurgical facility of Larymna withdrew its interest in a letter to related Greek ministries on Friday.
A statement on Monday by the National Economy & Finance said that preferred investor GEK Terna and AD Holdings noted the unfavorable turnout in the global energy market, the metals industry (especially nickel products), and the constant and continuing issues with court cases.
Hellenic Republic Asset Development Fund was notified, the ministry said, to cancel the tender for the mining rights and the metallugical facility of Larymna in central Greece.
The ministry added that the development is proof that viewpoints claiming "the selloff of an enterprise with great value and hidden profits" are not factual, as the investment interest has proven. The government and HRADF will review and if necessary redesign the structure of the transaction in order to announce a new auction to find a viable solution through reliable private investors that will also provide a future to current staff.
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