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OPAP's Privatization Hits A Snag

intralot_390_1606Already setback by the failure to get any bids for its state gas company during a privatization push, Greece now has run into a roadblock over last month’s sale of a 33 percent stake in the gambling monopoly OPAP because of a dispute between the new main shareholder, Emma Delta, and the state privatization fund, TAIPED.
OPAP subsidiary’s, OPAP Investment Ltd, management team has been allowed to operate the state lotteries. Within this framework, consortium OPAP is joined by Lottomatica, Intralot Lotteries and Scientific Games.
Emma Delta’s objections concern the veto right within the 11-member OPAP board that will be given to the four members from Intralot and Scientific Games. The board’s composition had not been fully presented to the State Audit Council which monitored the legality of the tender for state lotteries that the OPAP-led consortium won.
Emma Delta officials said that the veto rights of Intralot and Scientific Games regarding OPAP procurements created a conflict of interest because OPAP had a privileged relationship with the Greek gaming company: Intralot in software procurement and Scientific Games in printing.
Kathimerini in an exclusive report said that made Emma Delta officials insist on sending a letter to OPAP management as well as TAIPED, noting that procurement contracts should be given approval from a qualified majority. Emma Delta highlighted it will not back down and is asking for the State Audit Council to probe the procurement contracts and for “their terms to become the object of negotiations from scratch.”

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