Wednesday, November 17, 2010

Europe: Portugal’s holding of golden shares in Energias de Portugal is contrary to European Union law

The European Court of Justice gave its opinion yesterday in Commission v Portugal (C-543/08), holding that Portugal’s holding of golden shares in Energias de Portugal (EDP) was contrary to European Union law. It was held that the golden shares are an unjustified restriction on free movement of capital.

It was said that “By its judgment of today’s date the Court of Justice declares that by maintaining in EDP special rights attributed to it by means of golden shares, Portugal has failed to fulfil its obligations in respect of the free movement of capital.”
A press release is available here.

No comments:

Post a Comment

:: Up ::