The EU General Court orders Greece to pay a lump sum of €5.5B and a penalty payment of €4.37B for failure to recover wrongful State aid granted to a mining company (Larco)

Greece is ordered to make a lump sum payment of €5 500 000 and periodic penalty payments of over €4 000 000 for every six months’ delay for failure to recover State aid granted to Larco* The Court first declared that Greece had failed to fulfil its obligations in a judgment delivered in 2017 Larco General Mining & Metallurgical Company SA (‘Larco’) is a Greek mining and metallurgical undertaking specialising in the extraction and processing of laterite ore, the extraction of lignite and the production of ferronickel. In March 2013, the Commission initiated a formal investigation procedure in respect of various amounts of aid granted by Greece to Larco, in particular State guarantees granted for the years 2008, 2010 and 2011, as well as a capital increase in 2009. In March 2014, the

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General Court of the European Union, The EU General Court orders Greece to pay a lump sum of €5.5B and a penalty payment of €4.37B for failure to recover wrongful State aid granted to a mining company (Larco), 20 January 2022, e-Competitions January 2022, Art. N° 105766

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