DUBIOUS STATE AID TO ITALIAN DENIM MAKERS PROBED BY EUROPEAN COMMISSION
September 1st, 2007
BY MONICA DOBIE
THE EUROPEAN Commission today (Wed26-9) opened a formal investigation into Euro 40.7 million of state aid the Italian government plans to pay to denim maker Legler. Brussels argue the state aid is an illegal subsidy that would create unfair competition. Legler has had financial problems for years and is currently restructuring, but the Commission questions whether the aid will do anything but keep it artificially afloat. EU competition Commissioner Neelie Kroes said: "The Commission must ensure that restructuring aid effectively restores a ...
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