2008/717/EC: Commission Decision of 27 February 2008 on State aid C 46/07 (ex NN 59/07) implemented by Romania for Automobile Craiova (formerly Daewoo Romania) (notified under document number C(2008) 700) (Text with EEA relevance)

• Articles: 6

Article 1

The State aid which Romania has implemented under the privatisation process for Automobile Craiova, amounting to EUR 26 928 000, is incompatible with the common market.

Article 2

1.   Romania shall take all necessary measures to recover from the beneficiary the aid referred to in Article 1 and unlawfully made available to the beneficiary.

2.   The sums to be recovered shall include interest from the date on which they were at the disposal of the beneficiary until the date of their recovery.

3.   Interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004  ( 20 ) .

4.   Recovery shall be effected without delay and in accordance with the procedures of national law provided that they allow the immediate and effective execution of the Decision.

Article 3

1.   Recovery of the aid referred to in Article 1 shall be immediate and effective.

2.   Romania shall ensure that this Decision is implemented within four months following the date of its notification.

Article 4

1.   Within two months of notification of this Decision, Romania shall submit the following information to the Commission:

(a)

the total amount to be recovered from the beneficiary;

(b)

a detailed description of the measures already taken and planned to comply with this Decision;

(c)

documents demonstrating that the beneficiary has been ordered to repay the aid;

(d)

documents demonstrating that the aid has been repaid;

(e)

documents demonstrating that the aid has not been repaid out of the non-core industrial assets which are to be transferred to the newly created company owned by AVAS and the minority shareholders (in particular, net excess cash and real estate) as defined in the sale-purchase agreement;

(f)

a detailed description of the implementation of the corporate restructuring process as defined in the sales-purchase agreement.

2.   Romania shall keep the Commission regularly informed of the progress of the national measures taken to implement this Decision until recovery of the aid referred to in Article 1 has been completed. It shall immediately submit, on simple request by the Commission, information on the measures already taken and planned to comply with this Decision. It shall also provide detailed information concerning the amounts of aid and recovery interest already recovered from the beneficiary.

Article 5

This Decision is addressed to Romania.

Schedules & Appendices

ANNEX

ANNEX

Information regarding the application of the Commission Decision in case C 46/07 (ex NN 59/07) on aid implemented by Romania for Automobile Craiova

Information about the amounts of aid received, to be recovered and already recovered

Identity of the beneficiary

Total amount of aid received  ( 1 )

Total amount of aid to be recovered  ( 1 )

(Principal)

Total amount already repaid  ( 1 )

Principal

Recovery interest

( 1 )

(°)

In of national currency (million)