EU Takes Greece To Court Over State Aid To Shipyard
Sumaira FH Published July 22, 2016 | 04:38 PM
BRUSSELS, (APP - 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 daily penalty of 34,974 euros from the day of its judgement in 2012 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
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From World
-
Togo lawmakers approve contested political reform
3 hours ago -
NATO must choose 'whether we indeed are allies': Zelensky
3 hours ago -
US House to vote on Ukraine, Israel, Taiwan aid package
3 hours ago -
Calls for calm after reported Israeli strike on Iran
3 hours ago -
IMF calls on EU to deepen single market integration to boost growth
3 hours ago -
Second Ecuadoran mayor killed ahead of anti-crime referendum: police
3 hours ago
-
Oil, gas drilling blocked in Alaska wilds as Biden seeks green cred
4 hours ago -
Man sets self on fire outside Trump trial
4 hours ago -
Turkey's Freedom Flotilla ready to set sail for Gaza
5 hours ago -
French teen dies from heart failure after knife attack near school
5 hours ago -
Iranians appear unfazed by Isfahan blasts
5 hours ago -
Ecuador mayor killed ahead of anti-crime referendum: police
6 hours ago