2003/55/EC: Commission Decision of 30 October 2002 on the State aid granted by Italy to Industrie Navali Meccaniche Affini SpA (INMA) (Text with EEA relevance) (notified under document number C(2002) 4039)
Date: 2002-10-30
Institutions: European Commission
Subjects: Italy, State aid, application of EU law, control of State aid, restriction on competition, shipbuilding

L 22/36

EN

Official Journal of the European Communities

25.1.2003

COMMISSION

COMMISSION DECISION

of 30 October 2002

on the State aid granted by Italy to Industrie Navali Meccaniche Affini SpA (INMA)

(notified under document number C(2002) 4039)

(Only the Italian text is authentic)

(Text with EEA relevance)

(2003/55/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Commu-
nity, and in particular the first subparagraph of Article 88(2),

Having regard to the Agreement on the European Economic
Area, and in particular Article 62(1)(a) thereof,

Having called on interested parties to submit their comments
pursuant to the provisions cited above (1),

Whereas:

(1)

(2)

(3)

I. PROCEDURE

On 20 July 1999 the Commission closed, with a nega-
tive final decision requiring repayment of the aid (2), the
proceeding it had initiated under Article 88(2) of the EC
Treaty on 19 January 1999 in respect of the aid granted
by Italy to the shipyard Industrie Navali Meccaniche
Affini SpA (hereinafter ‘INMA’). On appeal by the reci-
pient,
the Commission decision was annulled by the
Court of First Instance on 26 February 2002 (3). By letter
of 31 July 2002 Italy supplied further information.

II. DESCRIPTION

INMA, located in La Spezia, initially received from Italy
financial aid in the form of guarantees and compensa-
tion for losses through the public holding company Italia
Investimenti SpA (hereinafter ‘Itainvest’), which is also
INMA's sole shareholder.

Between 1987 and 1988 INMA received a number of
aid grants from the Ministry for the Merchant Navy and
subsequently the Ministry for Transport and Navigation

(1) OJ C 63, 5.3.1999, p. 2.
(2) OJ L 83, 4.4.2000, p. 21.
(3) Judgment of the Court of First Instance of 26 February 2002, Case
T-323/99: Industrie Navali Meccaniche Affini SpA (INMA) and Italia
Investimenti SpA v Commission of the European Communities, ([2002]
ECR II-545).

(4)

(5)

under Laws Nos 599/82, 111/85, 234/89 and 132/94.
Between 1996 and 1998 Itainvest granted several guar-
antees to INMA, especially for vessels ordered by the
shipowners Stolt Nielsen, Tirrenia, Pugliola and Corsica
Ferries. By the end of 1996 INMA's losses totalled
ITL 21,4 billion. The shareholders' meeting on 13
November 1997 decided to cover the losses, on the one
hand with ITL 4,68 billion of the firm's reserves and on
the other with a capital contribution from Itainvest of
ITL 16,7 billion. The shareholders' meeting of 24 March
1998 found that
closed at 30
November 1997, already showed losses of ITL 81,89
billion. These were covered by Itainvest. At the share-
holders' meeting of 23 June 1998 INMA's accounts
revealed total losses for 1997 of ITL 103,7 billion. Itain-
vest covered the losses not yet provided for,
i.e.
ITL 21,81 billion.

INMA's accounts,

liquidator was

On 6 November 1998 INMA went into liquidation and
the
authorised to complete orders
underway in the yard. The orders were thus finished and
the vessels delivered to their owners. No new orders
have been placed with the yard since it entered into
liquidation which is why, once the last vessel was deliv-
ered, the yard ceased to engage in any economic activity.

The State aid which the Commission decided was
unlawful by negative decision of 20 July 1999 formed
part of the firm's residual assets. Apart from the adminis-
trative costs connected with the winding-up, Itainvest,
which had initially granted the aid, is the sole creditor in
the liquidation.

25.1.2003

EN

Official Journal of the European Communities

L 22/37

(6)

(7)

(8)

On 12 October 1999, following the publication of a call
for expressions of interest in the acquisition of the ship-
yard in five national newspapers and in the European
including Lloyds List, the liquidator sold
trade press,
INMA to the group Rimorchiatori Panfilo&C Srl
(San
Marco yard), which had put in the highest bid. The price
paid for INMA was EUR 8 million, far more than the
EUR 1,1 million estimated by an independent expert.
On 17 November 2000, INMA was removed from the
public register of shipbuilders.

III. CONCLUSIONS

in which the granting body,

The Commission notes that the aid recipient has ceased
operating. Furthermore, during the winding-up proce-
dure,
Itainvest, was the
debtor's only real creditor and its sole shareholder, a
request was made for the recovery of all potentially
incompatible State aid.

The Commission therefore concludes that all the poten-
tial distortions of competition due to the aid granted by
Italy to INMA have been removed.

(9)

The formal investigation initiated under Article 88(2) of
the Treaty in respect of the measure in question thus no
longer serves any purpose,

HAS ADOPTED THIS DECISION:

Article 1

The proceeding initiated under Article 88(2) of the Treaty on
19 January 1999 in respect of Industrie Navali Meccaniche
Affini SpA is hereby closed.

This Decision is addressed to the Italian Republic.

Article 2

Done at Brussels, 30 October 2002.

For the Commission

Mario MONTI

Member of the Commission