An eight-member consortium named Fina City Corporation and headed by Qualco has been declared the winning bidder of an international tender offering a contract for specialized debt collection services concerning main power utility PPC’s unpaid receivables, which have reached a level of at least 2.3 billion euros.
Besides Qualco (UK), a debt collection firm that has offered its services to some 70 enterprises in 15 countries since its launch in 1998, the consortium’s other members are IBM Hellas; Deutsche Bank London Branch; Estia Business Group; Deloitte Business Solutions; KPMG; Kapa Research; and the Nikolaos A. Andrikopoulos and Associates law firm.
According to the terms of the tender, announced last May, the consortium will need to prepare a detailed collection plan within two months of the contract’s date.
The consortium, which maintains the right to sub-contract work to additional partners, will operate from a PPC base with a 30-member team.
The consortium is to receive 1.3 million euros for the first four stages of its overall five-stage task, as well as additional payments for collection of unpaid receivables. These payments will depend on the amounts raked in.
If the consortium manages to collect at least 100 million euros from PPC customers, it will receive an additional 8 percent (8 million euros) for its services. If it collects 10 million euros from customers owing amounts of up to 2,000 euros, then another 12 percent (1.2 million euros) payment will be offered. Collection of at least 14 million euros from PPC customers owing amounts in excess of 2,000 euros will ensure the consortium a further 10 percent payment (1.4 million euros).
Qualco, founded by Orestis Tsakalotos, a cousin of Greek finance minister Euclid Tsakalotos, became widely known when it established a partnership with PWC Business Solutions and Hoist Kredit Aktiebolag, named PQH, to take on bad loans for local banks.