U.S. Ford Pays Back Romania AVAS EUR27.5M State Aid In Craiova Auto Plant Deal

U.S Ford paid Romania’s Privatization Agency AVAS Friday the EUR27.56 million illegal state aid granted with the sale of auto-assembly plant Automobile Craiova, the agency said.

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Imaginea articolului U.S. Ford Pays Back Romania AVAS EUR27.5M State Aid In Craiova Auto Plant Deal

U.S. Ford Pays Back Romania AVAS EUR27.5M State Aid In Craiova Auto Plant Deal

The illegal state aid is worth EUR26.92 million, the rest of EUR633,632 representing the 8.67% interest applied between March 20, namely the ownership right transfer date, and the date of payment, AVAS added.

Ford Europa spokesperson Hans Juergen Fuchs said Thursday Avas would cash the money on June 27.

Ford bought a 72.4% stake in Automobile Craiova for EUR57 million.

In fall last year, when the privatization contract was signed, the European Commission launched a probe into the deal to see if any illegal state aid had been granted to Ford.

The Commission ordered the Romanian government to recover an illegal EUR27 million state aid from Automobile Craiova. The Commission accused Romania of underselling Craiova to Ford, but allowed the sale to go through provided the state aid is paid back.

 

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