EU: Cosco, Piraeus Port to Pay Back State Aid

European Union state aid regulators have ordered Greece to recover certain illegal fiscal benefits granted to Piraeus Container Terminal (PCT) and its parent company Cosco Pacific Ltd.

The European Commission said the measures, which breached EU rules, included tax exemptions and preferential accounting treatment.

"The companies now need to pay back the advantage received to the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on," the Commission said.

By Foo Yun Chee