NEWS

European court hears appeal by Greece, Hellas Gold against 2011 ruling

The European Court on Wednesday began hearing an appeal by Greece and the Hellas Gold mining company against a 2011 decision that ordered the firm to pay 15.34 million euros to public coffers as it was deemed to have received illegal state aid.

The European Commission brought the original case four years ago and the court ruled that the 11-million-euro sale of the gold mine in Cassandra, northern Greece, to Hellenic Gold in September 2013 took place at price lower than the actual market value.

Coincidentally, Greece’s environmental inspectors also imposed a 8,100-euro fine on Hellas Gold Wednesday for felling trees in Skouries forest without the proper paperwork.