EC ORDERS BACK-PAYMENT OF GERMAN SHIPYARD SUBSIDY
The European Commission has ordered the German shipyard Kvaerner
Warnow Werft GmbH to pay back a 41.5-million euro ($44-million) restructuring subsidy.
The EC said that the shipyard failed to meet the condition on annual
capacity limits set when the restructuring aid was approved.
The shipyard exceeded its production ceiling in 1998 and possibly also
in 1999, the EC said.
The Kvaerner Warnow Werft shipyard, privatized in 1992, has received
total restructuring aids of 637.6 million euro ($671 million), previously approved by the
EC.