BEAULIEU GROUP
April 1st, 2002
Keith Nuthall
THE EUROPEAN Commission has ordered Belgian synthetic fibres conglomerate Beaulieu to repay Euro 2.8 million owing to the regional government of Wallonia. It had tried to settle a BEF 113 million debt by handing over 9,704 shares in the Verlipack II company. However, the Commission has concluded that this was worth far less and that by accepting the shares, the Walloon government had written off the debt, which was in effect illegal state aid.
THE EUROPEAN Commission has ordered Belgian synthetic fibres conglomerate Beaulieu to repay Euro 2.8 million owing to the regional government of Wallonia. It had tried to settle a BEF 113 million debt by handing over 9,704 shares in the Verlipack II company. However, the Commission has concluded that this was worth far less and that by accepting the shares, the Walloon government had written off the debt, which was in effect illegal state aid.
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