Saturday, October 25, 2014   

Spain fined for failing to recover unlawful aid
(05-13 18:26)

The European Union's highest court on Tuesday slapped a fine of 30 million euros on Spain for failing to recover illegal state aid.
The European Court of Justice found that Spain had not correctly complied with a 2006 judgement, in which it had been ordered to recover the aid granted to businesses in the northern Basque Country area.
In justifying the size of the fine, the Luxembourg-based Court found the aid had been "particularly harmful to competition by reason of the size of the amount ... and the high number of recipients.''
The European Commission, the EU's executive arm, is demanding the repayment of a lump sum of around 65 million euros which it believes is still owing on the recovery of the aid.
Authorities of the three provinces of Alava, Vizcaya and Guipuzcoa granted the aid in the 1990s, in the form of tax cuts and a 45 percent tax credit for investment.
In 2001, the Commission found the aid to be incompatible with EU internal market rules and ordered Spain to end the scheme and recover the money granted.
When the Commission determined the provinces had not fully repaid the funds it took legal action in the Court of Justice, which in 2006 ruled Spain had failed to fulfill its undertakings with the Commission. --AFP   
Other World breaking news:
UK boy finishes proton therapy in Prague for tumor (10-24 18:39)
Nepal bus accident kills 9, injures dozens (10-24 18:38)
California startup unveils gun technology for cops (10-24 17:50)
Sweden says 'at least one' vessel operated in its waters (10-24 17:04)
Man with 'Islamic extremist leanings' attacks NY police (10-24 16:34)
Former Japan PM to meet with China's Xi: report (10-24 16:32)
Malaysian man crawls for 3 days after car smash (10-24 11:16)
NY doctor back from Guinea has Ebola, 1st in city (10-24 11:11)
Italian PM vows to publish cost of EU institutions in budget row (10-24 11:05)
Colossal volcanic eruption could destroy Japan: study (10-23 18:51)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.