EU FINES SPAIN OVER INDOSA SUBSIDY SAGA
December 1st, 2012
BY ROBERT STOKES
Spain has been ordered to pay a fine of Euro EUR20 million (USD26 million) and penalties of EUR50,000 per day starting December 11, 2012, in an illegal steel subsidy case. The European Court of Justice (ECJ) has ruled that Spain has ignoring a European Commission declaration made in 1989 that its government should recover unlawful public subsidies paid to Indosa, a company declared insolvent in 1994. These included subsidies worth EUR6.63 million, soft loans worth EUR12.53 million, and loan guarantees worth EUR9.5 million (all paid in old ...
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