The EU General Court holds that the sale of Greek goldmines for below their market value is incompatible State aid (Greece / Ellinikos Chrysos)
*Article published on StateAidHub: http://stateaidhub.eu, republished in e-Competitions with the courtesy of the author. The original title of this article appears below the e-Competitions title. Authors are welcome to write an alternative article on this case/text, provided they have no relationships with a party or related third party. Article will need e-Competitions Board approval before publication.
Valuation of Assets Disposed by the State*
The value of an asset can be determined according to different methods. The main methods examine future income or comparable transactions or stock market valuation. Agreements between sellers and buyers that contain indemnification clauses or settle past claims do not reflect the true market value of the sold asset.
Introduction
On 9 December 2015, the General Court rendered its judgment in cases T‑233/11 Hellenic Republic v Commission and T‑262/11, Ellinikos Chrysos v Commission both of which concerned appeals against Commission decision 2011/452. The decision found that Greece had granted incompatible aid to Ellinikos Chrysos through the sale of three gold mines below their market value. The issue at hand was how to value an asset whose
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