T +30 210 3803555

FCNC as Model Auditor in the construction project of the North Road Axis of Crete (VOAK), Section Hersonissos – Neapolis (Greece), with PPP

The PPP project “VOAK” (Public-Private Partnership for the Northern Road Axis of Crete) is one of the largest and most critical infrastructure projects for Crete and Greece as a whole and its construction has been undertaken by a consortium of companies TERNA-AKTOR PARACHORESIS-INTRAKAT. The Northern Road Axis of Crete, which crosses the northern side of the island, connects the major cities of Heraklion, Rethymnon and Chania, as well as many ports, airports and tourist destinations. Specifically, the VOAK PPP project connects the Heraklion – Agios Nikolaos section and includes the construction of new motorway sections, the upgrading of existing road sections, as well as the construction of bridges and tunnels to solve access problems.

The importance of the project is multidimensional and has a great impact on many sectors of the social and economic life of Crete. Firstly, it significantly improves road safety, reducing the number of road accidents that are often seen on the old, inadequate road. This is vitally important, as Crete also records higher rates of road accidents than the national average[1] , which can affect the quality of life of residents and the safety of tourists.

Secondly, the project will boost transport and connectivity, reducing travel times between the main cities and improving access to key services such as hospitals, schools and businesses. Easier and faster transport will not only benefit residents but also visitors, further contributing to the development of the tourism sector. A safe and modern road network will help attract more tourists, who are a key pillar of the Cretan economy.[2]

In addition, the development of road infrastructure is expected to facilitate the logistics chain, making the transport of goods faster and more efficient. This will enhance the competitiveness of local products, such as olive oil, wine and other agricultural products, and create new investment opportunities in the region.

The PPP VOAK project will stimulate economic activity and create new jobs, both during its construction and after its completion (during the operational period), enhancing the sustainable development of the island. The public-private partnership brings in expertise and capital, ensuring the quality and speedy execution of the project, while ensuring its long-term operation and maintenance.

Overall, this project is a cornerstone for the future development of Crete, contributing to the improvement of the lives of its residents, further economic revitalization and positioning Crete as a central hub in the eastern Mediterranean. Investing in high quality infrastructure is an important step in making the island more competitive, sustainable and accessible for both residents and visitors.

FCNC, having assumed the role of Model Auditor, offered the following services for the effective implementation of this project:

  • Auditing the financial model (bid model) submitted by the Consortium in the framework of the binding offer and the revised financial model at the financial close of the project (financial close model) in order to ensure that the calculations performed do not contain computational and other errors.
  • Verification that the financial model (bid & financial close model) has been prepared based on the requirements and specifications of the Tender Documents for Projects, correctly and accurately reflects the provisions of the Partnership Agreement and its Annexes, is in compliance with the tax and accounting legislation of the country and is in accordance with the Tender Documents.
  • Contributing to the implementation of the financial closure process (control of refinancing benefits, adjustment of key interest rates).

[1] Detailed data per region are included in the relevant bulletin from the Hellenic Statistical Authority for 2022 available here in English.

[2] For more information on tourism in the region of Crete you can see the Action Plan 2030 available here in Greek.

Employee Privacy Notice

Notification for the Processing of Personal Data

(Articles 13, 14 of Regulation (EU) 2016/679)

The Company called as FCNC FINANCIAL ADVISORS Μ.Ε.Π.Ε., with tax identification number 95452665, having its registered office at 58, El. Venizelou (Panepistimiou) str., P.C. 106 78, Athens, Greece, website www.fcnc.gr and contact number +30 210 3803555 (hereinafter called as the “Company”), handles with responsibility and as a matter of fundamental importance the issues of processing personal data and privacy and complies with Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and the repealing of Directive 95/46/EC (General Data Protection Regulation) (hereinafter referred to as “GDPR”) and the relative Greek legislation.

In light of the above, we provide you with this Notification according to Articles 13, 14 of the GDPR, in order to inform you about the way we collect and process your personal data in terms of your interest for future collaboration with our Company.

  1. Controller

The Controller for the collection of your data and their procession for the purpose of ensuring our smooth and seamless cooperation is the Company, as defined above. That means that the Company determines the purposes and means of processing your personal data, in accordance with the GDPR and the data protection legislation in general. 

  1. Sources of personal data collection

The Company at first collects your personal data directly from you and not from third parties. The Company may also retrieve your personal data published on the Internet (e.g. professional social media). Therefore, your personal data are considered to be a necessary condition for initiating and ensuring smooth cooperation with you, while any refusal of granting such data could be a major obstacle either to its continuation or its termination.

  1. Processing of personal data and legal bases

The following table lists the purposes of processing of personal data collected by the Company for the above mentioned purposes, the categories of the data collected, as well as the legal basis for such processing.

Purpose of Processing

Personal Data

Legal Basis of Processing (GDPR provisions)

1. Job Post publishment (e.g. LinkedIn)

Personal details,

contact and post details, cv data and referrals (if applicable)

Art. 6 (1) (f) – processing is necessary for the purposes of the legitimate interests pursued by the controller and, especially, the selection of proper employees.

2. Interview arrangement – evaluation  

Personal details,

contact and post details

Art. 6 (1) (f) – processing is necessary for the purposes of the legitimate interests pursued by the controller and, especially, the selection of proper employees.

  1. Disclosure to third parties and recipients

The aforementioned personal data may be notified on a case-by-case basis to external partners that lawfully have been contracted by the Company (e.g. hr companies), to serve the purposes of processing, as set out in paragraph 3 above.

 The Company does not transfer your personal data to third countries or international organizations.

  1. Security

The Company shall process your personal data in a manner that ensures its protection by taking all appropriate organizational and technical measures for data security and its protection against accidental or unlawful destruction, loss, alteration, unauthorized disclosure or access and any other form of illicit processing.

  1. Subjects’ rights

This section presents your rights with respect to your personal data. These rights are subject to certain exceptions, reservations or limitations. Please submit your requests responsibly. The Company will respond as soon as possible and in any case within one (1) month of receipt of the request. If the review of your request is going to take longer, you will receive relevant information. To exercise your rights, you can contact us on the following email-address: gdpr_fcnc@fcnc.gr

The Company ensures the exercise of your rights:

6.1. The right to information 

You have the right to request and receive clear, transparent and easily understandable information about how we process your personal data in accordance with the Company’s policies and procedures.

6.2. The right to access

You have the right to access your personal data free of charge, in accordance with the relevant policies and procedures of the Company, with the exception of the following cases where there may be a reasonable charge to cover the administrative expenses of the Company:

  • manifestly unreasonable or excessive / repeated requests, or
  • additional copies of the same information.

6.3. The right to rectification

You have the right to ask for your personal data to be corrected if it is inaccurate or incomplete, in accordance with the relevant policies and procedures of the Company.

6.4. The right to erasure («to be forgotten»)

You have the right to request the deletion or removal of your personal data when it is no longer necessary for the purposes collected or there is no legitimate reason to continue processing it in accordance with the Company’s policies and procedures. The right of deletion is not absolute, to the extent that there is a particular legal obligation or other legitimate reason for the retention of your personal data by the Company.

6.5. The right to restriction of processing

In some cases, you have the right, in accordance with the relevant policies and procedures of the Company, to restrict or remove further processing of your personal data. In cases where processing has been restricted, your personal data remains stored, without further processing.

6.6. The right to data portability

You have the right to request your personal data, which you have provided us with in a structured, commonly used and machine readable format, and to transfer that data to another controller in accordance with the relevant policies and procedures of the Company.

6.7. The right to object

You have the right to oppose, at any time and for reasons related to your particular situation, to the processing of your personal data based on Article 6 (1) (f) of the GDPR (processing for reasons of lawful interest of the Company), on the basis of that provision. In such a case, the Company as controller will no longer submit the personal data unless it demonstrates imperative and legitimate reasons for processing that override the interests, rights and freedoms of the subject, or the filing, exercise or support legal claims.

6.8. Rights on automated decision-making mechanisms

The Company does not make automated individual decision-making, including profiling.

6.9. How to exercise the right

The exercise of the aforementioned rights takes place with the submission of a written application to the Company in accordance with its policies and procedures. The Company reserves the right to reply no later than one month after receiving the request, in accordance with the terms of the GDPR.

  1. Retention period for personal data

For each category of personal data, the Company determines the retention period in accordance with the provisions of the law and its policies and procedures.

  1. Company’s Representative for data protection affairs

For any matter related to the procession of personal data and the current notification, please contact with the

Company’s Representative 

Hara Papadakou

Telephone

+30 210 3803555

e-mail:

gdpr_fcnc@fcnc.gr

  1. Contact of the Data Protection Authority

For further information and advice on your rights or to submit a complaint, you may contact the Greek Data Protection Authority:

Address: 1-3, Kifisias Avenue, P.C. 115 23, Athens, Telephone: +30-210 6475600, Fax: +30-210 6475628, E-mail: contact@dpa.gr

  1. Amendments of the present Notice

We aim to review and keep up-to-date the present Notice in order to comply with privacy laws and new developments. Any updates to this Notice will be communicated to you immediately.