E.C. Rules Company Must Return €98M

Law360, New York (February 22, 2007, 12:00 AM EST) -- The European Commission ruled on Thursday that an Italian mining company must pay back the €98.36 million it received in subsidies from the Sardinian regional government.

The program to support Nuova Mineraria Silius (NMS), fully owned by the Sardinian Regional Authority, clashes with the E.C.’s state aide policy, the Commission said.

The sum the company will have to pay is the total it has received since 1997.

The company has been heading towards bankruptcy since 1998, when the region attempted privatize it, according to the E.C....
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.