CORRECTED: EU Takes Greece To Court Over State Aid To Shipyard
Sumaira FH Published July 22, 2016 | 05:13 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
Second UK lawmaker defects to Labour in new blow for PM
PIA announces Pre-Hajj flight operations from May 9
Marriyum Aurangzeb orders swift completion of CM's 33 special projects
Farmers advised to start rice cultivation from May 20
FESCO issues shutdown program
Mohsin Naqvi visits Frontier Corps North’s headquarters
UK says to expel Russia defence attache for intel role
President approves appointment of Rubina Khalid as BISP Chairperson
Lahore, Karachi to face each other in final of National Women’s One-Day Tourna ..
Two real brothers clinch positions in first Punjab music competition
2nd symposium on Battery Electric Vehicles held
European stocks rise but Wall Street slips
More Stories From Business
-
2nd symposium on Battery Electric Vehicles held
47 minutes ago -
European stocks rise but Wall Street slips
47 minutes ago -
Islamabad Chamber of Commerce and Industry (ICCI) organizes seminar on mental health
10 minutes ago -
Jam Kamal urges Pakistan-Belarus trade boost: Potential yet to be fully exploited
1 hour ago -
Pakistan, World Bank agree to New Partnership Framework for reforms, development
1 hour ago -
US Consul General visits FF Steel
1 hour ago
-
Fertilizer companies not to be allowed to take undue profit: Rana Tanveer
1 hour ago -
Federal Minister for Commerce holds crucial meeting with ‘Fruit Juice Council’
2 hours ago -
DC addresses SCCI meeting
2 hours ago -
SECP organizes workshop on Capital Markets Surveillance
2 hours ago -
PSX loses 159 points
3 hours ago -
Rupee gains 01 paisa against US dollar
1 hour ago