Article 1
Goods declared unclaimed – deadlines
Goods unloaded and received by PCDC S.A. and placed in the storage areas it manages within the
Piraeus Free Zone, where (a) the owner of these goods has not appeared to take delivery of them from
the storage area of PCDC S.A. and no documentation has been lodged giving the goods a new customs
destination within two months of the date of receipt by PCDC S.A., or (b) the owner of these goods has
not paid invoices for storage fees issued by PCDC S.A. for an uninterrupted period of two (2) months or
(c) the owner of the goods states in writing that he abandons them, are declared unclaimed by the
Managing Director of PCDC S.A., after the lapse of a month from the date of written notification of
PCDC S.A. addressed to the owner of the goods, or from the date of submission of the statement of the
abandonment thereof, and on the recommendation of the Competent Director of PCDC S.A.
In all cases of abandonment, the owner of the goods in question must pay to PCDC S.A. all storage fees
as well as any other costs incurred to PCDC S.A. due to the abandonment of the goods or due to the
fulfillment of certain requirements for the abandonment of the goods, as set forth hereinabove.

Article 2
Records and protocols of unclaimed goods
In respect of goods remaining in the storage areas of PCDC S.A. two months after the date of the receipt
thereof by PCDC S.A. and in case the requirements of the abandonment as stated under Article 1 are met,
the competent employee of PCDC S.A. that performs duties related to the handling of goods must submit
to the competent department a list of the goods referred to in article 1.
The above two-month time limit is indicative and has no effect on the legality of collection of the relevant
storage and other fees by PCDC S.A. for any period beyond this time limit.
The lists of unclaimed goods are verified through the relevant documentation and afterwards the
relevant protocols are compiled. To each protocol of unclaimed goods issued, a copy of the debit note for
storage and other fees owed to PCDC S.A. will be attached.
All documents relating to the goods and any other document which may be used for the due collection of
PCDC S.A. fees will also be attached to the protocols of unclaimed goods. The protocols of unclaimed
goods will be issued in three copies as registered in the stock records (AKLA) and the bill of lading and
will be given a serial number for financial use. A copy of each protocol of unclaimed goods shall be
delivered to the competent customs’ control office.
Goods must be verified by the competent committee within twenty (20) days from the date of issuance of
the relevant protocol of unclaimed goods, as described below.

Article 3
Verification Committee and instrument
All goods for which an unclaimed goods protocol has been issued shall be checked within twenty (20)
days by a three-member committee, consisting of the person who is responsible for handling the goods,
the Director of the Storage Area and an administrative employee, appointed by a decision of the
Managing Director of PCDC S.A. The Managing Director of PCDC S.A. also appoints the Chairman of
the Committee or his legal deputy.
In cases where the Committee feels that the opinion of an expert (technical, chemical or other) is
necessary to ascertain the type of goods involved, their nature, use and condition, a fourth member will
be invited to join the Committee, to be appointed by decision of the Chairman. The field from which the
technical expert is to be chosen will be decided in accordance with the type of goods. More than one
committee may be set up when many checks need to be carried out.
Large quantities or volumes of similar goods are checked by the Committee in terms of weight or
quantity during their unloading. If a difference of more than 10% from the details declared is ascertained,
an instrument is drawn up to justify this difference.
An instrument by the Verification Committee, compiled on the unclaimed goods protocol, certifies the
identity of the details of the above goods, the state of their packaging and their gross weight. There will
also be a description of the content of the packages, the type, quantity and condition of the goods and the
net weight of their contents will be ascertained, if necessary.
At the end of the verification process the minutes of the relevant instrument will be signed by all
members of the Committee. A copy of the relevant instrument shall remain in the Management
Department and the original shall be submitted the same day by the Chairman of the Committee to the
Unclaimed Goods Section, together with all the documentation and small samples of the goods, where
deemed possible and necessary.

Article 4
Announcement of auction – Selling-off of goods
After completion of the formalities in the preceding article, the Managing Director of PCDC S.A. shall
issue, within twenty days, an announcement that the unclaimed goods are to be sold off at auction, in
accordance with the provisions of these Regulations. The announcement shall state the starting price for
bidding, the details of the goods being auctioned, the time and place of the auction.
A summary of the announcement shall be published at least five days before the day of the auction in at
least two daily papers. The costs of the publication will be paid by the highest bidder or the owner of the
goods, in the case of the latter taking delivery of them after they have been declared unclaimed.
A copy of the announcement must be posted outside the auction room.
A copy must also be sent for posting at the Athens Commercial and Industrial Chamber, the Piraeus
Commercial Chamber, the Municipality of Perama, the Economic Chamber, the Association of Shipping
Agents, the Association of Custom Brokers, the Directorate of the 3rd Customs House Piraeus, and
wherever else is deemed necessary.

Article 5
Condition of Goods – Obligations of Interested Parties
The unclaimed goods are sold off as described in the verification instrument and in the condition in
which they are at the time of the auction (“as they are and described”). PCDC S.A. accepts no liability for
the quality or condition of the goods being auctioned, nor for any inaccuracy in the description of their
type and nature, given that its responsibility is confined to the proper storage of the goods. Interested
bidders may inspect the verification instrument and examine the goods at their place of storage during
the last five days before the auction.
For the unclaimed goods that are related to personal property, and are therefore of unknown content, an
application is needed at the customs office for their opening, during which a competent customs official
must be present.
Unclaimed goods which are sold off and which are subject to taxes, duties and other charges to the State
will be made over to the purchaser only on lodging and completion of the relevant customs
documentation, in accordance with the current provisions. For all goods that were declared unclaimed,
sold off according to these Regulations and awarded to the highest bidder, if the highest bidder does not
appoint a new customs destination, he must pay all customs duties to the competent Customs Office and
after he has presented all repayment documentation will he be able to receive all the goods that were
awarded to him. Also, all the storage fees due to PCDC S.A. from the day of notification of the relevant
decision to the day on which delivery is taken of the goods must be paid, in accordance with the current
tariff of storage fees.
The process of selling off the unclaimed goods is subject to all the relevant provisions of
Greek law on prohibitions and restrictions on imports.

Article 6
Starting Price
The starting price for bidding for each item shall be set by the Verification Committee on
the basis of research and after taking into account the level of storage and other fees and any other costs
owed in relation to the goods up until the date of their sale.
By way of exception, the price of unclaimed goods may be set freely by the Managing Director of PCDC
The starting price for bidding may be reduced, for up to two repeat auctions, by 30% of
the starting price of the immediately preceding auction, where there has been no bid.

Article 7
Participation in auctions
The auctions of unclaimed goods may be attended by any natural person or legal entity, with the
exception of the owners of the goods or any other person that has overdue debts against PCDC S.A.
PCDC S.A. may participate in the auctions through its Procurement Division, by decision of its Managing
To acquire the right to participate in the auction procedure, the interested party must furnish a guarantee
equivalent to 10% of the starting price, depositing with the competent section of PCDC S.A. either a letter
of guarantee or a cheque made out to PCDC S.A., to be returned to him immediately in the event of
another bidder being successful, while in the case of the successful bidder the letter of guarantee will be
returned after the delivery of the goods or, if he has furnished a cheque, the amount of the cheque will be
deducted from the sum represented by the final bid.

Article 8
Sale Committee – Minute
The auction sale of the unclaimed goods shall be conducted by means of sealed bids which the interested
parties lodge with a committee made up of three employees of PCDC S.A. and an equal number of
deputies and within a time period specified in the announcement of the auction. This Committee will be
appointed by decision of the Managing Director of PCDC S.A., the same decision also appointing the
Chairman of the Committee.
When the deadline for submission of the sealed bids has passed, the Committee unseals, examines and
compares the bids. The Chairman of the Committee announces in public the details of the highest bidder,
and the level of the bid he has made.
In respect of each batch of goods being auctioned, the Committee compiles a minute with details of the
successful bidder and the price he has offered.
This minute is signed by all members of the Committee.
The successful bidder countersigns the minute of sale and must immediately furnish a cheque in an
amount equal to at least one quarter of his bid or the entire amount of the bid. The minute will state the
reference number of the collection note issued and the details of the cheque.
If the successful bidder does not furnish the above cheque or fails to appear within five days to sign the
minute of sale, the provisions of article 10 of the Regulations shall take effect and the bidder shall be
disqualified from participation in the repeat auction.
No submission of a rival bid in the result of the auction is allowed.
In the event that before payment of the successful bid the owner of the goods should appear and seek to
take delivery of said goods, the auction shall be deemed void and the relevant formal procedures
concerning the destination of the goods that have been claimed shall be activated. In this case the owner
of the goods must pay a deposit in the form of all costs incurred by PCDC S.A. in the preparation of the
auction, the safekeeping to date of the goods as well as any costs incurred in relation to the auction by the
successful bidder.

Article 9
Result of auction – Award to highest bidder – Certification
The minute of sale and all relevant documents shall be submitted to the Managing Director of PCDC S.A.
who, within five (5) working days of the auction, must approve its result or provide a reasoned
explanation of his decision to reject that result.
The approval decision will be posted at the venue where the auction was held within five (5) working
days from the date on which it is issued.
The natural person or legal entity in whose name the successful bid was made must, within seven (7)
working days of the posting of the approval decision, pay any balance due on the amount of the bid, as
well as the costs of publishing the announcements of the auction.
If the successful bidder fails to pay the balance of the bid amount due within this period, he will forfeit
the aforesaid guarantee in favor of PCDC S.A. and a repeat auction will be held, in which the above sums
will not be offset against the successful bid in the repeat auction. The unclaimed goods sold off in
accordance with the provisions of these Regulations must be collected by the successful bidder within a
period specified in the announcement of the auction. This period may be extended at the request of the
interested party, but this request must be submitted before the deadline set in the announcement of the
auction has passed. If these deadlines should pass without the goods being collected, they shall again be
regarded as unclaimed goods and the auction process shall be re-initiated. The bid paid shall be forfeit to
In the case of inflammable and other hazardous goods, the time within which the goods must be
collected is reduced to ten (10) days from the date of posting of the result of the auction.
On the recommendation of the Auction Committee, and with the consent of the Managing Director, on
the basis of pre-existing information, any bidder who fails to meet his obligations under these
Regulations shall be excluded from the auction procedure.

Article 10
Repeat auction
The repeat auction shall be held by order of the Managing Director of PCDC S.A. following a
recommendation by the competent Manager within no more than one (1) month from the date on which
a successful bid was accepted in the original auction. The relevant announcement must be posted outside
the auction room, stating the details and date of the repeat auction.
During the repeat auction, the goods are sold by the Committee to the highest bidder, provided that the
price he offers is equal to at least 50% of the successful bid at the preceding auction. This amount must be
paid in full on completion of the auction; the procedure detailed in article 9 will not be followed.
In the event of no bid being received, or the highest bid being lower than 50% of that accepted in the
preceding auction, the auction shall again be repeated within no more than one (1) month. If this third
auction does not produce a bid equal to at least 40% of the original successful bid, then PCDC S.A. will
seek to recover the difference between this 40% level and the bid originally accepted from the party
whose failure to pay triggered the repeat auction, using all means envisaged in law.
In these circumstances the goods may then be disposed of by PCDC S.A. as it sees fit.

Article 11
Payment of bid – Inability to collect goods
The amount of the bid shall be paid to the cashier’s office of PCDC S.A. and the appropriate receipt shall
be issued, a copy of which is to be placed together with the relevant auction documentation in the file of
the goods being auctioned.
In the event of the successful bidder being unable to take possession of the goods, because the provisions
on import restrictions do not allow the granting of the necessary license by the competent authority, then
the amount of the bid shall be returned, without interest, to the successful bidder, without any liability
on the part of PCDC S.A. To secure the return of his payment the bidder shall submit an application,
within a month of the date of the auction, to which he must attach the relevant documentation from the
above authority. Further action will be subject to the provisions of article 13 below.
Within fifteen (15) days of the date on which the successful bidder took possession of the goods, the
completed file will be passed to the Finance Division of PCDC S.A., which shall proceed to settle any fees
of any kind owed in relation to the auctioned goods.
If, in the process of settling the fees, the Finance Directorate finds that the bid secured is not enough to
cover in full all amounts owed in relation to the auctioned goods, it will automatically reduce to the level
of the bid all the storage fees which are to be collected, and will issue all the documentation required by
Once the amount owed in fees has been settled, the files are returned to be filed in the Unclaimed Goods
Section of PCDC S.A.

Article 12
Transfer of ownership of unclaimed goods sold off
On full payment of the successful bid, further transfer of ownership of the sold unclaimed goods shall
take place, upon application by the successful bidder, which will be accompanied by the relevant official
invoice of PCDC S.A. containing the price of the auction and the amount for any costs incurred in
relation to the auction by the successful bidder.

Article 13
Action by the owner of the goods
The owner of the goods sold as unclaimed may, in exceptional circumstances, claim the goods even after
the announcement, under article 9, of the sale of the goods to the highest bidder, provided that the full
amount of the bid has not yet been paid and the goods have not been collected by the bidder, and when
the two following conditions are met:
a) that he furnishes proof of ownership; and
b) that he pays all fees owed to PCDC S.A., together with the costs incurred in publishing the relevant
In such circumstances the auction procedure shall be automatically rendered null and void. No right to
compensation shall be generated in favor of the successful bidder, while the deposit he has supplied will
be returned.
The owner of the goods is not entitled to claim the items if the successful bidder has paid in full the
amount of his bid before submission of the owner’s application.

Article 14
Unsold Goods
Unclaimed goods which it has proved impossible to sell despite the holding of three (3) auctions shall
become, by order of the Managing Director, the property of the company and shall be disposed of under
the provisions of article 10 of the Regulations.
By way of exception, goods which are evidently of insignificant or no commercial value, or goods which
have been damaged or are hazardous for use or are not permitted by the competent authorities to import
the Country or have no package or are in bulk form or refrigerated and cannot be disposed in order to
cover the fees of PCDC S.A., will not be sold off but they may be re-exported at the expense and
responsibility of the owner thereof, or destroyed by decision of the Unclaimed Goods Committee, the
same decision appointing the Committee to take charge of the destruction and the relevant procedures to
be followed. After a two-month period from the receipt thereof from PCDC S.A. or before the lapse of
that time period, in case the owner of the goods requires it and there is a written opinion of a committee
consisted of the competent Director, members of the committee and a representative of the agency, the
owner is invited in writing to receive the goods which will be destroyed. The absence of a representative
of the owner, in case he is properly called up, does not obstruct the procedure of the destruction. For
every good to be destructed, the owner of the goods is charged with the storage fees for a period up to
one (1) month. If the agency/recipient does not receive the goods to be destructed within twenty (20)
days from the written notification, the company arranges the destruction thereof and the owner of the
goods is charged with the storage fees, the destruction costs as well as the rest of the fees.
In the case of edible goods, the competent public authority shall rule on whether they are fit for
consumption, in which case the provisions of the preceding paragraph shall apply.
In case of cargos that are claimed as abandoned according to these Regulations but cannot be sold off or
destructed (certain chemicals, radioactive, fertilizers), the owners of the goods should ensure the receipt
or re-export of the goods, otherwise PCDC S.A. will proceed with the necessary acts for the removal
thereof from its premises and the safe management thereof (i.e. landfill), at the expense of the owner of
the goods.

Article 15
Abandoned goods
The owner of any goods may declare in writing that he abandons those goods, lodging at the same time
the relevant titles to those goods. In this case the goods are to be sold in accordance with the provisions
of these Regulations.
The owner who is abandoning goods must pay the fees owed to PCDC S.A. for the period up to the date
of abandonment.
If the goods being abandoned, or part thereof, consist of edible items or other items which may spoil, the
owner must lodge with PCDC S.A. the relevant certification of the competent health public authority and
state in his written application the reasons for the abandonment; the competent division of PCDC S.A.
will then proceed to sell off the goods immediately.
If the competent service referred to in article 13 decides that the goods abandoned, or part thereof, are
unfit for consumption or a danger to public health, an order will be issued for the destruction thereof
while the owner must pay to PCDC S.A. the costs of this destruction.

Article 16
Coming into force of Regulations
These Regulations shall annul the previous Regulations and shall come into force from 01/11/2017.