CZECH STATE AID
December 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Commission has launched an in-depth inquiry into whether the Czech Republic paid illegal state aid to Czech steel producer Trinecké ?elezárny (TZ). Brussels will investigate whether the Czech government paid the proper market rate when it purchased in April a 10.54% stake in steel company ISPAT Nova Hut from TZ. It also will assess the transfer of 10,000 bonds to TZ from the Czech government. These had been originally issued by TZ and were given returned at 40% their nominal value. The difference in price, said the Commission, was ...
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