Austria Sent To Court Over €42M In Aid To Insurer

Law360, New York (July 14, 2009, 12:00 AM EDT) -- The European Commission said Tuesday it was referring Austria to the European Court of Justice for failing to recover more than €41.5 million ($58 million) in illegal aid from Austrian insurance group Grazer Wechselseitige related to its purchase of a state-owned bank.

The competition regulator said Austria had failed to comply with an April 2008 order requiring the state to recover the amount from the insurer, known as GRAWE, to make up for a low-ball offer the insurer made in 2006 during the privatization of state-owned...
To view the full article, register now.