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EU FINES GREECE OVER SHIPYARD AID

Thursday, November 15, 2018 

The European Court is reported to have ordered Greece to pay a 10 million fine over Athens' failure to recoup a state subsidy granted to Hellenic Shipyards (ENAE), the operator of the Skaramangas shipyard.

The fine will be increased by €7 million for every six month period until compliance. The penalty relates to non-compliance by Greece to an EC decision on state subsidies in 2008. Reports from Athens say that the Greek government had, in December 2015, asked ENAE to return over €500 million in aid which it had previously received, but because of ENAE's financial situation, this has not yet been repaid.

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