A Greek law that forces investors to seek the approval of government before acquiring voting rights in certain companies is contrary to freedoms granted in European Union treaties, the EU's highest court ruled Thursday.
A Greek law that forces investors to seek the approval of government
before acquiring voting rights in certain companies is contrary to freedoms
granted in European Union treaties, the EU's highest court ruled Thursday.
The ruling means the Court of Justice of the European Union has sided with the
European Commission, which charged that
Greece
's
scheme also restricts the free movement of capital and the participation of
shareholders in corporate decisions.
The law impacts those who wish to purchase 20% or more of the share capital of
limited public companies that operate national infrastructure networks.
Greece
argued that the legislation does not affect privatized companies, and ensures
basic public services and operation networks, including energy and water
supply.
However, the court concluded Thursday that the law gives the Greek government
discretion that is "too extensive and not easily amendable to judicial
review." It said the law is not justified.
The Commission can file cases against EU member states when it determines that
laws are not fulfilled. If the court agrees with the Commission, as it did
Thursday, the member state must comply with the judgment "without
delay."
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