CORRECTED: EU Takes Greece To Court Over State Aid To Shipyard
Fahad Shabbir (@FahadShabbir) Published July 22, 2016 | 05:16 PM
BRUSSELS, (UrduPoint / Pakistan Point News - 22nd july,2016) - The European Commission on Friday took Greece to court for failing to recover more than 250 million Euros ($275 million) in what it considered to be illegal state aid to Hellenic Shipyards. The case dates back to 2008 and deals with one of Greece's biggest ship-building yards that is now owned by Abu Dhabi MAR, the Emirates-based shipbuilding group. "More than seven years after its adoption, Greece still has not implemented the Commission decision of June 2008, ordering the recovery of over 250 million euros of unlawful state aid to Hellenic Shipyards," the commission, the EU's executive arm, said in a statement.
It also asked the European Court of Justice, the EU's highest court, to impose on Greece a one-off penalty of about 6 million euros, plus a new daily penalty of 34,974 euros until the date Greece complies. In 2008, Brussels found that some loans, guarantees and capital injections granted to the shipyard between 1996 and 2002 when it was in dire straits failed to meet EU state aid rules. The shipyard was privatised in 2002 and became part of German steel group ThyssenKrupp, which sold it to Abu Dhabi MAR in 2010 at the worst of the Greek debt crisis.
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Business
-
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
4 hours ago -
Pak-US officials engage to enhance trade, investment ties
5 hours ago -
Stocks fall as tech shares sink, US economy slows
6 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
7 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
7 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
7 hours ago
-
Honda announces US$11 bn EV battery and vehicle plant in Canada
7 hours ago -
Zhao Shirin calls on Punjab Industries Minister
8 hours ago -
CEO APM Terminals calls on Finance Minister
8 hours ago -
SACM visits GTVC checks attendance register
8 hours ago -
CEO APM Terminals meets Commerce Minister
8 hours ago -
RTO destroys huge quantity of non-duty paid cigarettes
8 hours ago