ELVO assets sell-off
- Written by E.Tsiliopoulos
The Greek government has commenced the procedure of selling the assets of Hellenic Vehicle Industry (ELVO), the state-owned land systems producer.
ELVO was placed into receivership in January this year.
Accountancy group Ernst & Young - which is acting for the state - announced that it was seeking expressions of interest in assets including ELVO's land and buildings, 11 four-wheel drive military cargo trucks that were built in 2013, and stocks of spare parts.
The property will be sold at a public auction. ELVO was a designer and constructor of tracked and wheeled military vehicles. It was identified in 2011 as a candidate for sale under the Greek privatization programme along with Hellenic Aerospace Industry.
The sale is overseen by the Hellenic Republic Asset Development Fund (HRADF), which has been under a wave of criticism lately, for failing to meet its financial targets in the last three years.
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