EU Sues Greece for Refusing to Recover Illegal Aid From Miner Larco

Larco's offices in Maroussi, Athens. (Photo by Eurokinissi/ Yiannis Panagaopoulos)

ATHENS – The European Commission said it would go to the European European Court of Justice (ECJ) to force Greece to recover 135.8 million euros (£116.7 million) of illegal state aid to mining company Larco.

The court had already ruled in 2017 the money must be taken back, based on a European Commission 2014 decision tied to capital injections and state guarantees, with European Union laws barring state aid to such companies.

The Commission said it wanted Greece to pay a fine of 3,709 euros ($4,080.36) daily, retroactively to Nov 9, 2017, to the date it complied with the ruling, some 2,785,459 euros, ($3,064353.08) with a minimum lump payment of 1.3 million euros ($1.43 million) said the news agency Reuters, and an additional 26,697 euro ($29,370.04) per day fine from the date of the ECJ’s judgment, a total of 20,049,447 euros ($22,056,897.88.)