"A new perspective for Spanish shipyards — reducing distortions in shipbuilding"*Introduction On 12 May 2004 the European Commission took a negative decision concerning aid worth 500 million euro which the Spanish State holding company Sociedad Estatal de Participaciones Industriales (SEPI), granted in 1999 and 2000 to the publicly owned civilian shipyards, owned at the time by IZAR. The Commission concluded that this amount constituted state aid which could not be approved under the EU rules on aid to shipbuilding. As loans amounting to 192 million euro had been paid back to SEPI, the sum to be recovered from IZAR amounted to 308 million euro, plus interests. On 20 October 2004, the European Commission took another decision (case C 38/03) with regard to the same company. The
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The European Commission takes a negative decision concerning a State aid of € 500 M euro which the Spanish State holding company granted to publicly owned civilian shipyards (Sociedad Estatal de Participaciones Industriales)
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