Commission: Fine of 5.5 million euros in Greece for state aid in LARCO

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Commission: Fine of 5.5 million euros in Greece for state aid in LARCO

The European Commission imposed a fine of 5.5 million euros on Greece for state aid granted to LARCO, as announced by the Minister of Finance, Christos Staikouras speaking in the Plenary Session of the Parliament. The fine starts on February 10 and must be repaid within 45 days.

“The ND government received and was called to manage one financially unsustainable situation, poor financial management for many years and inaction of the previous government. “The company’s cash in 2019 was zero, due to losses and its net position was negative minus 160 million euros”, noted Mr. Staikouras.

He added that the company was operating with negative equity and in the five years 2015-2019 debts of 260 million euros accumulated, while the losses in 2015 moved to 30 million euros. At the same time, overdue debts to suppliers reached 500 million euros, which according to the Minister of Finance, was the largest debt to PPC, which sent successively out of court to LARCO, even planning its power outage in 2020.

At the same time, he underlined that today, thanks to the actions of the government, LARCO remains open and is looking for an investor to continue its operation.

As he said, tomorrow the Board of HRDH will meet to attract reliable investments and the coverage by the state and private of all employees, while the binding offers must be submitted by mid-March.

Referring to the opposition, Mr. Staikouras stressed that the situation requires seriousness and cross-party consensus for the next day. “Those who make easy promises have failed to find solutions when they can. “There is no room for another waste of time, it is time for decisions,” he stressed.

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