Greece was sentenced by the European Court of Justice to a flat-rate fine of 5.5 million euros and an additional fine of 4.368 million euros per semester for as long as the violation continues, for the Larko nickel industry case.
According to the decision published today, the Hellenic Republic did not take the measures involved in the implementation of the decision of November 9, 2017 and violated its obligations.
The case concerns the famous state aid provided by the Greek state to LARCO, amounting to approximately 136 million euros in the form of state guarantees in 2008, 2010 and 2011 as well as the participation of the State in the capital increase of the company in 2009. The European Commission has been suing Greece since September 2016, claiming that it has not complied with its obligations to ensure the implementation of its decision.
In November 2017, the European Court of Justice ruled that Greece had failed to fulfill its obligations under Union law by failing to take the necessary measures to implement the decision to recover the aid within the time limits set, and by notifying the Commission. .
The decision issued today concerns the new lawsuit filed by the European Commission against Greece, requesting that Greece, having not taken measures to implement the decision of November 9, 2017, violate its obligations, and impose the corresponding fines.
Source From: Capital
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