The European Commission has concluded that certain fiscal benefits granted by Greece in favour of port operator Piraeus Container Terminal S.A. (PCT) and its parent company Cosco Pacific Limited (Cosco) provided the beneficiaries with an undue advantage over their competitors in breach of EU state aid rules. These benefits include 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.
Source: European Commission