Greek Assets in US Could be Seized over Olympics Security System Payment

Αssociated Press

The Capitol in Washington is seen early Thursday, April 6, 2017.(AP Photo/J. Scott Applewhite)

Refusal by the Greek government to pay an American company 40 million euros ($42.47 million) for a 2004 Olympics security system has put Greek assets in the United States at risk.

A US court of arbitration upheld an older judgment by the International Chamber of Commerce ordering Athens make the payment for the C41 security system which means Greek assets could be seized over the failure to pay, the newspaper Kathimerini said.

US judicial authorities deemed that the fine imposed on Greece in 2013 should be payable immediately and had recently pressed the Greek Foreign and Citizens’ Protection ministries as well as the State Legal Council in connection with the penalty, the paper said.

Government and Greek Police officials confirmed there were plans to seize Greek assets in the US and said the Greek government still hasn’t acted or reacted.

The ICC rejected Greece’s claim that it never officially accepted delivery of the so-called C4I security system because of technical deficiencies.

The ICC ruled Greece must pay the US defense company Science Applications International Corporation (SAIC). The Greek state and SAIC signed a contract in May 2003 foreseeing the delivery of the system to Greek authorities in time for the Athens 2004 Olympics.