October 31, 2019 / 12:05 PM / 21 days ago

EU to investigate 39 million euros of Polish aid to chemical firm PCC

BRUSSELS (Reuters) - EU competition regulators opened on Thursday an in-depth investigation into 39 million euros ($43.6 million) in state aid granted by Poland to chemical company PCC MCAA, saying they doubt whether it complies with the bloc’s rules.

The aid, in the form of a 16-million-euro direct grant and a 23-million-euro tax exemption for a PCC’s plant in Poland, triggered a complaint from a rival.

Poland decided to revoke the tax exemption for PCC in 2016 but this has yet to come into effect because of the company’s legal challenge to the move.

The European Commission said it doubted whether the aid measures had an incentive effect and also that they might have exceeded the maximum level allowed under EU rules.

Reporting by Foo Yun Chee; editing by Francesco Guarascio

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