EU regulators say former operator of Portugal's largest shipyard must repay aid

Martifer SGPS SA

07/05/2015 10:45

BRUSSELS, May 7 (Reuters) - The former operator of 
Portugal's largest shipyard Estaleiros Navais de Viana do 
Castelo (ENVC) must pay back around 290 million euros ($329.79 
million) in public support, the European Commission said on 
Thursday. 
    It said the new operator WestSea did not need to pay the 
money as it purchased the assets at market conditions and there 
was no "economic continuity" between ENVC and WestSea, owned by 
Martifer  MARTI.LS  and Navalria. 
    On the basis of an in-depth investigation opened in 2013, 
the Commission found that no private investor would have 
subsidised a loss-making company for 13 years.  
    The roughly 290 million euros were therefore illegal state 
aid and had to be repaid.     
($1 = 0.8794 euros) 
 
 (Reporting by Barbara Lewis; editing by Adrian Croft) 
 ((Barbara.hm.Lewis@thomsonreuters.com; +32 2 287 68 43; Reuters 
Messaging: barbara.hm.lewis.thomsonreuters.com@reuters.net)) 
 
Keywords: EU SHIPPING/STATEAID