This agreement brings to a close a long-standing and multifaceted dispute between the parties, encompassing legal, commercial, and ethical dimensions. It provides for the resolution of all pending litigation previously underway in both the UK and Greek courts, and includes a comprehensive mutual waiver by both sides of any further or future claims against each other, as well as against their respective affiliates.
Under the terms of the settlement, DCI received an undisclosed financial consideration, while DCP acquired certain assets—also undisclosed.
The out-of-court resolution was reached following extended legal proceedings in both Greece and the United Kingdom. The agreement is described by both parties as "full and final," with each side waiving all current and prospective claims.
The relationship between DCI and DCP was rooted in a long-term collaboration structured through a series of investment agreements, most notably the Investment Management Agreement (IMA), first signed in 2016 and renewed in 2021. Under this arrangement, DCP acted as investment manager, overseeing a substantial portfolio of DCI’s luxury hospitality assets in Greece, including the flagship Amanzoe resort in the Peloponnese.
The breakdown in relations occurred in March 2023, when DCI unilaterally terminated its cooperation with DCP, citing DCP’s alleged failure to disclose a critical “Call Option” agreement. This agreement purportedly granted DCP the right to increase its equity stake in Amanzoe from 15% to 30%.
DCP, however, contended that the agreement had been adequately disclosed and noted that DCI raised no objections during the relevant Board of Directors meeting on 31 July 2018.
On 21 March 2024, the High Court of Justice in London ruled that the dispute could not be resolved via summary judgment and would require a full trial.
