October 29, 2019 / 10:50 AM / 17 days ago

EU to investigate 21 million euro Hungarian aid to Malev Ground Handling

BRUSSELS (Reuters) - EU state aid regulators on Tuesday voiced concerns about some 21 million euros ($23.3 million) in Hungarian state aid granted to state-owned Malev Ground Handling, a former subsidiary of bankrupt Hungarian flag carrier Malev, saying it may be illegal.

The European Commission opened an in-depth investigation to look further into the issue. Malev Ground Handling, which operates ground handling services at Budapest airport, is owned by state-owned assets agency MNV Zrt.

The EU competition enforcer said five measures, among them loans, capital increases, and debt-to-equity conversions may have given Malev Ground Handling an unfair advantage. The EU probe was triggered by a complaint by rival Budport in August 2017.

Reporting by Foo Yun Chee

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