Member representatives that sit on the Board of Directors of The Hellenic Village Ltd held an Annual General Meeting (AGM) on December 15 to discuss the Federation’s finances and its 100-hectare property investment located in Kemps Creek, NSW.
The property in the state’s west was bought about 30 years ago. Twenty-one Greek associations* in Sydney make up the Hellenic Village Ltd. These associations purchased a cumulative number of 51 shares.
This investment property in Kemps Creek was initially purchased for approximately $500,000, but it has now been conservatively valued at approximately $55 million.
According to our sources, the sale of this property and it’s future was discussed at the AGM on December 15. Currently, no concrete plans have been made, but there are several options being discussed amongst members as to the future of the property.
Sources close to The Greek Herald suggest it is more likely this investment will be sold, with a redevelopment of the site unlikely to be undertaken at this stage. A number of options for what to do with the profits of the sale were suggested amongst the members.
The main option was that some of the profits would be invested back into the Greek community for a cultural building or something where the Greek community of Sydney can all benefit. After that: (1) some of the profits would go towards paying the Federation’s debt, which is “more than $500,000,” or (2) a “portion would go back to the associations” who have shares in the property.
But our sources say this second option is “unconstitutional” as “in accordance to the Constitution… no dividends from the property are to be paid back to any of the associations, directly or indirectly.”
The 2009 Hellenic Village Ltd Constitution obtained by The Greek Herald confirms this in paragraph 4 on page 6, which states:
“The income and property of the federation whensoever derived, shall be applied solely towards the promotion of the objects of the federation as set forth in this Constitution, and no portion thereof shall be paid or transferred, directly or indirectly by way of dividend, bonus or otherwise to the members of the federation.”
The Greek Herald has reached out directly to the current committee of the Hellenic Village Ltd for comment and they replied that: “…the Board will consider whether to issue a Media Release regarding discussions and outcomes of the recent AGM at its next Board meeting scheduled for the new year. Until that time Hellenic Village Ltd will not be making any comments in relation to the AGM.”
With no clarification as to how the sale of the Hellenic Village property would work as yet, its future remains unclear.
*The 21 Greek associations who make up the Hellenic Village Ltd:
- Order of AHEPA NSW INC – 3 shares
- AHEPA Heracles INC – 3 shares
- Apollo Sports and Cultural Club – 1 share.
- Cyprus Hellene Club Inc – 2 shares.
- Diakofton Association – 3 shares.
- Elassona Philanthropic Association – 3 shares
- Greek Taxi Drivers’ Assoc. – 1 share
- Hassion Philanthropic Assoc – 3 shares
- Hellenic Club of Sydney – 3 shares
- Helmos Philanthropic Association – 3 shares
- Kalavryton Society (NSW) ‘Aghia Lavra’ Inc – 3 shares
- Lefkadian Brotherhood of NSW LTD – 2 shares
- Messolonghi Association – 3 PO
- Meteora Association – 3 shares
- Pan-Arcadian Association of NSW – 2 shares
- Pan-Korinthian Association of NSW – 2 shares
- Pan-Nafpaktian Association ‘Nafpaktos’ – 2 shares
- Pan-Thessalian Federation – 2 shares
- Pan-Thracian Association of NSW ‘Democritus’ – 2 shares
- Association of Plataneon ‘O Platanos’ – 3 shares
- Saint Barbara Philanthropic Association – 2 shares