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Hellenic ordered to repay state aid 13:35 4 JulHellenic ordered to repay state aid THE European Commission is ordering Hellenic Shipyards, Greece’s largest shipbuilding and repair facility, to repay €230M ($360M) in state aid it has deemed unlawfully received between 1996 and 2002. The action has come in response to a complaint from the neighbouring Elefsis yard of unfair competition.
The subsidies in question concern loans and cash injections by Hellenic’s previous owner, state bank ETVA, bypassing the Commission approval process. ETVA was later bought by Piraeus Bank, and Hellenic was sold in 2002 to HDW-Ferrostaal, which in turn passed the yard to Thyssen Krupp.
Greek finance minister Giorgos Alogoskoufis said that the total state aid paid to Hellenic exceeded €1Bn but that he had proved to the Commission that 75% of the yard’s activity was related to military contracts.
ThyssenKrupp Marine Systems says that the shipyard’s management assisted the EC investigation, and if implementation of its decision would result in financial damage, it will take legal action against the Greek state.
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