The European Commission has demanded that the Chinese company, Cosco Pacific, who run Piraeus Container Terminal (PCT) at the Greek port, return EU funds after being judged to have breached state aid rules.
The company made €36.5 million in 2014, an increase of 25.7% from 2013 from their Greek terminals, a large part of the parent company’s earnings.
The initial complaints were made in 2012 by several parties including Prefect of Piraeus, the Federation of Greek Port Workers and International Dockworkers Council.
After a three year investigation, the European Commission said that fiscal benefits “provided the beneficiaries with an undue advantage over their competitors in breach of EU state aid rules. These benefits include tax exemptions and preferential accounting treatment.”
The Commission statement added, “The companies now need to pay back the advantage received to the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on.”
The figures involved have not been released for confidentiality reason.
http://www.neurope.eu/article/eu-demands-return-eu-funds-greek-port