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Ellaktor Disputes European Commission Verdict, Kathimerini Says

Feb. 25 (Bloomberg) -- Ellaktor SA will appeal to a European court over a European Commission decision that a mining company now owned by European Goldfields Ltd. must repay the Greek government 15.3 million euros ($21.2 million), Kathimerini reported, citing unidentified company officials.

A 2003 sale of gold mines by Greece to Ellinikos Xrysos took place legally and not for less than the mines’ real value, the Athens-based newspaper reported, citing the company officials.

Ellaktor owns a 5 percent stake in Ellinikos Xrysos with the remaining shares belonging to European Goldfields, in which Ellaktor has a 19 percent holding, Kathimerini said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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