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Vodafone sued for £1.1bn by former Greek partner

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Businessman blames mobile operator for failure of property empire

 

A Greek businessman who lost a fortune during the country’s economic collapse is claiming £1.1bn in damages from Vodafone, after the telecoms giant pulled out of a retail franchise deal with him.

 

Athanasios Papistas, whose partnerships also included a property management company with a scandal-hit group of entrepreneurial Orthodox monks, accuses the British mobile group of sabotaging his business empire. Mr Papistas has issued three writs seeking damages. The most recent and largest, for £900m, was served on Vittorio Colao, Vodafone’s chief executive, at the group’s headquarters in Paddington.

 

At more than three times the size of the previous writs put together, the latest claim alleges that the failure of MTS, Mr Papistas’s Vodafone retail franchise, caused a “severe liquidity problem” for Papistas Group, which also included his property interests. They included a company jointly owned with the controversial Vatopedi Monastery, which is embroiled in a scandal over an allegedly corrupt land deal with the Greek government.

 

More: http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/telecoms/10773751/Vodafone-sued-for-1.1bn-by-former-Greek-partner.html


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