PPC, Aluminium of Greece settle pay dispute

The General Court of Justice of the European Union last week dismissed an action by Aluminium of Greece seeking the annulment of a European Commission decision (July 13, 2017) over state support to Aluminium of Greece in the period January 2007-March 2008, Public Power Corporation (PPC) said on Tuesday.

In an announcement, PPC said that following this decision, Aluminium of Greece (a member of Mytilineos Group) is obliged to pay the PPC the sum of 24.4 million euros (17.4 million euros in capital plus interest) as agreed between the two parties.

Aluminium of Greece said the decision would burden the results of parent and consolidated reports for 2017, but noted it would exhaust all possibilities offered by community legislation for its annulment. The company said that this sum has been already paid to PPC.