EC To Investigate Spanish Payments

Wednesday, July 12, 2000
The European Commission will open a formal investigation into plans by Spanish state holding company SEPI to pay $57 million (10 billion pesetas) to buy a number of shipyards as part of a restructuring plan. "On the basis of the information at its disposal the Commission doubts whether this was a genuine market transaction, but rather a capital injection that could constitute state aid," the Commission said in a statement.

The Commission noted it had already cleared an aid package for the Juliana and Cadiz shipyards in 1997 on condition they received no further state handouts.

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MN 100: Crowley

9487 Regency Square Boulevard Jacksonville, FL 32225 Tel: (800) 276-9539 Email: corpcomm@crowley.com  Website: www.crowley.com Chairman & CEO: Thomas B.

 
 
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