EU orders recoup of yard loans but not for superyachts
Superyacht yards in Spain will not be affected by an EU order for Spain’s investors to repay state loans, Freire shipyard has confirmed. The report has caused consternation in the commercial sector, where shipyards fear lawsuits and a shrinking of the market.…
Business newswire, Reuters has reported that Spain must recover state aid given to shipyard investors. But Mr Freire, legal director for the yard where SuperyachtNews.com toured this week, said that:
"The yards have sought clarification and have been told that the compensation will not be sought from them. It is not clear how the subsidies will be recouped, but the yards have been reassured that they're safe so it will not affect the industry."
European Competition Commissioner Joaquin Almunia said in the statement on Reuters that: “Economic interest groupings and their investors have benefited unlawfully from tax advantages which they must now repay to the Spanish state.”
Profile links
NEW: Sign up for SuperyachtNewsweek!
Get the latest weekly news, in-depth reports, intelligence, and strategic insights, delivered directly from The Superyacht Group's editors and market analysts.
Stay at the forefront of the superyacht industry with SuperyachtNewsweek
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
NEW: Sign up for
SuperyachtNewsweek!
Get the latest weekly news, in-depth reports, intelligence, and strategic insights, delivered directly from The Superyacht Group's editors and market analysts.
Stay at the forefront of the superyacht industry with SuperyachtNewsweek