It is a well-established principle in the case law that when a public authority acts as a private investor, it must disregard all public policy objectives and its obligations as an arm of the state. Many judgments of EU courts and Commission decisions have examined in detail the various elements that underpin the reasoning of a private investor such as the required rate of return, the relevant time horizon, or the information that must be taken into account at the time the investment is made. On 14 September 2022, the General Court, in case T-597/19, Helsingin Kaupunki v European Commission, tackled what may be called the mirror image of the requirement to ignore state obligations: the requirement to ignore state powers.  In a handful of judgments, the Court of Justice has ruled
The EU General Court reiterates that whether or not a body carrying out economic activities has legal personality distinct from that of the state has no influence on whether it would receive State aid (Helsingin Kaupunki)
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