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.”
If you've found this story to be 'a report worth reading', and you would like to enjoy access to even more articles, insight and information from The Superyacht Group, then you may well be interested in our VIP print subscription offer. We are inviting industry VIPs to register for a complimentary subscription to our print portfolio, which includes the most insightful information on the state of the superyacht market. To see if you qualify for our VIP subscription package, please click here to fill in an application form