LARKO facing closure over 160 million euros worth of state subsidies

25 February 2016
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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.

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