BUSINESS

EU sues Greece for failing to recover illegal aid from miner Larco

TAGS: EU, Finance

The European Commission said on Wednesday it was taking Greece to the European Court of Justice (ECJ) over its failure to recover 135.8 million euros ($149.7 million) of illegal state aid to mining company Larco.

The ECJ already ruled in 2017 that Greece needed to recover the money, based on a Commission decision in 2014 related to capital injections and state guarantees.

The Commission said it wanted Greece to pay a fine of 3,709 euros per day from Nov 9, 2017, to the date it complied with the ruling, with a minimum lump sum of 1.3 million euros, in addition to a 26,697 euro per day fine from the date of the ECJ’s judgment. [Reuters]

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