EC ORDERS BACK-PAYMENT OF GERMAN SHIPYARD SUBSIDY

EC ORDERS BACK-PAYMENT OF GERMAN SHIPYARD SUBSIDY

    The European Commission has ordered the German shipyard Kvaerner Warnow Werft GmbH to pay back a 41.5-million euro ($44-million) restructuring subsidy.
    The EC said that the shipyard failed to meet the condition on annual capacity limits set when the restructuring aid was approved.
    The shipyard exceeded its production ceiling in 1998 and possibly also in 1999, the EC said.
    The Kvaerner Warnow Werft shipyard, privatized in 1992, has received total restructuring aids of 637.6 million euro ($671 million), previously approved by the EC.