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.…
Superyacht yards will not be affected by the EU’s Competition Commissioner’s order to Spain’s shipyard investors to repay state loans, confirmed Marcos Freire at Freire Shipyard in Spain.
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.”
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.”
Freire quashes fears striking the commercial sector over loan repayments
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