2011/452/EU: Commission Decision of 23 February 2011 on the State aid C 48/08 (ex NN 61/08) implemented by Greece in favour of Ellinikos Xrysos SA (notified under document C(2011) 1006) Text with EEA relevance

• Articles: 5

Article 1

The State aid amounting to EUR 15,34 million unlawfully granted by Greece in breach of Article 108(3) of the Treaty on the Functioning of the European Union, in favour of Ellinikos Xrysos S.A. by way of a sale of assets and land below its value and a waiver of the associated taxes, with the aim of protecting the employment and the environment and also of creating an incentive for potential buyers of the Cassandra Mines, is incompatible with the internal market.

Article 2

1.   Greece shall recover the aid referred to in Article 1 from the beneficiary.

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

3.   The interest shall be calculated on a compound basis in accordance with Chapter V of Commission Regulation (EC) No 794/2004  ( 48 ) and to Commission Regulation (EC) No 271/2008  ( 49 ) amending Regulation (EC) No 794/2004.

4.   Greece shall cancel all outstanding payments of the aid referred to in Article 1 with effect from the date of adoption of this decision.

Article 3

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

2.   Greece shall ensure that this decision is implemented within 4 months following the date of notification of this Decision.

Article 4

1.   Within 2 months following notification of this Decision, Greece shall submit the following information to the Commission:

(a)

the total amount (principal and recovery interests) 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.

2.   Greece shall keep the Commission 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 Greece.