2014/539/EU: Commission Decision of 27 March 2014 on the State aid SA.34572 (13/C) (ex 13/NN) implemented by Greece for Larco General Mining & Metallurgical Company S.A. (notified under document C(2014) 1818) Text with EEA relevance
Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
The non-collection of debt to the Ministry of Finance and letters of guarantee instead of pre-payment of additional tax in 2010, which Greece has implemented for Larco, do not constitute State aid within the meaning of Article 107(1) of the Treaty.
The State aid amounting to EUR 135 820 824,35 in the form of State guarantees to Larco General Mining & Metallurgical Company S.A. in 2008, 2010 and 2011 and the State's participation to the company's capital increase in 2009, unlawfully granted by Greece in breach of Article 108(3) of the Treaty is incompatible with the internal market.
1. Greece shall recover the incompatible aid referred to in Article 2 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 beneficiaries 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 ( 32 ) , as amended. 4. As regards measure 3, Greece shall provide the exact date(s) when it provided its contribution to the 2009 share capital increase. 5. Greece shall cancel all outstanding payments of the aid referred to in Article 2 with effect from the date of adoption of this Decision.
1. Recovery of the aid referred to in Article 2 shall be immediate and effective. 2. Greece shall ensure that this Decision is implemented within four months following the date of notification of this Decision.
1. Within two months following notification of this Decision, Greece shall submit the following information: (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 2 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.
This Decision is addressed to the Hellenic Republic.
INFORMATION ABOUT THE AMOUNTS OF AID RECEIVED, TO BE RECOVERED AND ALREADY RECOVERED
ANNEX INFORMATION ABOUT THE AMOUNTS OF AID RECEIVED, TO BE RECOVERED AND ALREADY RECOVERED Identity of the beneficiary — measure Total amount of aid received Total amount of aid to be recovered (Principal) Total amount already reimbursed Principal Recovery interest Larco — measure 2 30 000 000 30 000 000 0 0 Larco — measure 3 44 999 999,40 44 999 999,40 0 0 Larco — measure 4 10 820 824,95 10 820 824,95 0 0 Larco — measure 6 50 000 000 50 000 000 0 0
Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.