The EU Court of Justice finds that the transfer of public assets between State-owned companies for the purpose of extinguishing a debt may constitute State aid (Fondul Proprietatea / Complexul Energetic Oltenia)

Transfer of State Assets between State-Owned Companies* Transfers of public assets for the purpose of extinguishing debt have to be valued according to private creditor principle. Transfers of public assets that involve State aid must be notified to the Commission. Introduction Sale or transfer of state assets is a tricky process. A possible undervaluation of the assets results in State aid for the benefit of the new owner. The process is even trickier when both buyer and seller are owned or controlled by the state. Normally, if the seller sells below market price, there is State aid for the buyer. But, if the seller sells above market price, there is also State aid, but this time for the seller, because the buyer, who is also under state control, pays too much [just like in public

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