Piraeus Container Terminal, Cosco Ordered to Pay Back State Aid

Port operator Piraeus Container Terminal S.A. (PCT) and its parent company Cosco Pacific Limited (Cosco) will have to pay back the fiscal benefits received from Greece.

Namely, the European Commission (EC) has concluded that certain fiscal benefits granted by Greece in favour of PCT and Cosco provided the beneficiaries with an undue advantage over their competitors in breach of EU state aid rules.

These benefits include tax exemptions and preferential accounting treatment.

“The companies now need to pay back the advantage received to the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on,” the EC said in a decision.

Cosco was among the leading five contenders selected by the previous Greek government to buy 67% stake in Piraeus Port Authority. Plans to privatize the Piraeus port in Greece were frozen  by the left-wing party Syriza in January.

World Maritime News Staff

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