COMMISSION ANNOUNCES STATE AID PROBE INTO INMA SHIPYARD.

The European Commission has decided to open a formal investigation under Article 93@2 of the EU Treaty into state aid totalling ECU 80 million given to Italian shipyard Inma, based at La Spezia. While routinely monitoring application o the Commission's earlier Decision of July 17, 1996, concerning Inma's holding company Gepi, it was discovered that recorded losses by the shipyard in 1996 and 1997 had been entirely covered by...