EC ORDERS GERMAN SHIPYARD TO PAY SUBSIDIES BACK
The European Commission announced that Kvaerner Warnow Werft GmbH, the German shipyard, will have to reimburse DM 13 million ($7 million) of restructuring state aid.
The EC said that the shipyard, a subsidiary of the Norwegian group Kvaerner a.s., did not comply with capacity limitations set in 1997 as a condition for approving a substantial amount of restructuring aid.
The EC had approved state aid of DM 1.3 billion ($656 million) for the Eastern German shipyard between 1993 and 1995.