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Millennium BCP, Portumo, Nova Ship Invest lose appeals of state aid recovery order at EU court

( November 6, 2024, 10:36 GMT | Official Statement) -- MLex Summary: Millennium BCP, Portumo and Nova Ship Invest have lost their legal challenge of the European Commission's order for Portugal to claw back tax reductions granted to companies in the Madeira Free Zone. In 2020, the state aid regulator said that the aid — granted to businesses that didn't create genuine economic activity or jobs — was incompatible. In rulings delivered today, the EU General Court fully rejected the appeals. Millennium BCP is the retail-banking arm of Banco Comercial Português....

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