LARKO facing closure over 160 million euros worth of state subsidies

25 February 2016
802 Views

The general mining and metallurgical company LARKO may be forced to shut down, putting the jobs of its 1,500 employees at risk, over the illegal state subsidies worth 160 million euros that it has received.

A report in Ta Nea reveals that the European Commission deadline, by which point the company must return these subsidies, is about to expire. However, the company does not have adequate funds to do so and the government has not yet decided to sell the company.

Although the government rejects the claim of illegal subsidies and claims that the company loans are being paid off, the prospect of a closure and being taken to the European courts is expected to be debated at the forthcoming government council meeting on financial policy.

Sources from the environment of Energy Minister Panos Skourletis claim that efforts are being made to find a “sustainable solution” for LARKO, without however clarifying whether this entails selling the company.

You may be interested

Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deaths
GREECE
shares48 views
GREECE
shares48 views

Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deaths

makis - Jul 30, 2021

Greek authorities announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,845, of which…

Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deaths
GREECE
shares51 views
GREECE
shares51 views

Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deaths

makis - Jul 29, 2021

Greek authorities announced today that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,696, of…

Greek real estate market still strong despite Covid-19 pandemic, report shows
FINANCE
shares54 views
FINANCE
shares54 views

Greek real estate market still strong despite Covid-19 pandemic, report shows

Panos - Jul 29, 2021

The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the…

Leave a Comment

Your email address will not be published.