The company founded and run by fashion entrepreneur Lakis Gavalas submitted an official offer to the Finance Ministry on Monday to transfer the company’s eastern Attica headquarters to the state in exchange for a writeoff of the company’s debts.

The offer was made following a request by Attica Regional Governor Yiannis Sgouros for the acquisition of the premises in Kantza to host the authority’s various departments.

According to the company the value of the property is estimated at 37 million euros, which would more than cover the company’s debts to the state, which stand at 17 million euros.

Gavalas is currently being held at Korydallos Prison awaiting trial.