Arbitration proceedings for a claim of €14,000,000 regarding the sale of land in Elounda, Crete

Kelemenis & Co. commenced arbitration proceedings in relation to the sale of a plot of land in Elounda, Crete, for the price of €14,000,000. The dispute for which Kelemenis & Co. commenced proceedings arose from the execution of a notarial preliminary agreement between the clients of Kelemenis & Co. and a ship-owning fund that had agreed to purchase the plot of land. The arbitration is expected to be concluded by September 2009.