ECONOMY

Cosco sees rivals behind EU verdict

Cosco sources discern a “discriminatory handling of the company” by the European Commission’s Directorate General for Competition (DG Comp), while they associate the visit to China by Greece’s Deputy Prime Minister Yiannis Dragasakis and Foreign Minister Nikos Kotzias with the pressure on Piraeus Container Terminal to return tax benefits to the Greek state.

They cite the DG Comp’s decision last Monday deeming tax concessions granted to Cosco’s subsidiary in Piraeus upon signing the agreement for the utilization of part of the country’s main port in 2008 to be illegal and incompatible with European law.

The sources from the Chinese giant firm implied that Piraeus rivals, such as ports in Northern Europe which are missing out on transit activity due to the constant upgrading of the Greek container terminal, are piling on the pressure and stirring an issue that is effectively closed in a bid to generate a negative impression.