The EU Court of Justice 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)

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20 Jan 2022

The EU Court of Justice 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)

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References

EU Court of Justice, Larco, Case No. C-51/20, Judgement, 20 January 2022

EU Court of Justice, Larco, Case No. C-51/20, Press release, 20 January 2022

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
General Court of the European Union (Luxembourg)

Luxembourg 59 contributions 26809 visits

Quotation

General Court of the European Union, The EU Court of Justice 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 State aid & National enforcement, Art. N° 105766

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