ASPIS Case

Our firm, following the insurance company's license revocation in 2009, has undertaken the judicial proceedings of the claims for damages on behalf of a large number of insured against the Greek State due to lack of proper supervision over the insurance company. Furthermore, in cooperation with acknowledged financial advisers, we have exhaustively studied the complex financial and legal matters related to the said case and we have already filed a significant number of lawsuits for thousands insured. This suit against the Greek State on the case of ASPIS is unprecedented for the legal and financial standards and we believe it is opening new avenues in every aspect.

Following the prove we have gathered and the expert report that was drafted, it is undoubtedly demonstrated that Aspis Pronoia AEGA was completely insolvent since 2002, whilst its deficit was thereafter only increasing. After two years of research, studying, recording and analysing the financial and legal information of the case it is deduced that, if the Greek State had implemented the Greek and European laws regarding the prudential and ex-post control on the companies of ASPIS Group, nothing of the kind would have happened and people wouldn't have lost their lifetime earnings. This is the reason why we are suing the Greek State for the deficient supervision it exercised for over a decade on ASPIS PRONOIA AEGA, as the State is directly responsible for the loss of people's money.

More specifically the equity capitals L.2190/1920 and the Available Solvency Margin (equity capitals l.d. 400/1970) of the company stand as follows:

ΈτοςEquity capitals L.2190/1920Available Solvency Margin (Equity capitals l.d 400/1970)
200039.762.03139.762.031
2001-96.225.386-101.091.817
2002-186.770.042-211.239.076
2003-145.602.032-194.666.753
2004-195.398.562-293.713.264
2005-151.588.071-241.804.205
2006-154.200.095-286.905.702
2007-120.964.939-331.425.386
2008-330.057.619-497.970.963

while if you click here εδώ you can see in detail the reasons which led the company to the aforementioned deficits. It was determined during the winding-up process that the cash deficit of the company amounts to more than €550,000,000, confirming our estimations.

On 10.03.2014 one of our lawsuits against the Greek State was tried as a pilot trial before the Council of State and we are expecting the ruling, against which no right to appeal is possible and thus, it shall resolve the issue once and for all.

For further information please contact us via telephone or email at [email protected].

Winding-up process

Upon the announcement of the claims over the winding-up of ASPIS PRONOIA in October 2013, the list of creditors shall be drafted by the liquidator of the insurance company and according to our information this is expected to be published in early 2014. There shall be an update concerning any further development.

Judicial Progress

Along with the monitoring of the liquidation process, the filing of class actions at the Administrative Court of First Instance of Athens versus the Greek Republic continues, and we inform you that, following a relevant request, the case of ASPIS PRONOIA A.E.G.A. has been brought at the Council of State in order for the case to be tried as a “test case” on 10.03.2014.

This is a “pilot” trial that will resolve on first and last instance the critical matter of civil liability of the Greek State for faulty exercise of state supervision over the insurance companies. This was attempted for two reasons: a) for the faster administration of justice for the insured b) for the combined judgment of the judicial rulings, to wit, for obtaining non-contradictory rulings for the insured. Provided that the Council of State considers that there is liability of the Greek State then the Administrative Court of First Instance of Athens shall newly set a hearing day for the actions in order for the compensation to be calculated. Our firm shall intervene at the trial on 10.03.2014 for the best possible advocacy of our clients' case.