Serbian Commission orders foreign investor to refund state aid

The Commission found that the Technic Development company which launched the production of Geox footwear in the city of Vranje had been awarded state aid in violation of the law. A Commission statement said that the funds were approved for the construction of a footwear factory. The company has been ordered to refund more than 400 million Dinars (1 Euro – 118 Dinars) with interest which it received from April 2016.

Technic Development set up the production of Geox footwear in Vranje but closed down the plant in August this year after more than five years, laying off some 1,200 employees. It also received subsidies of some 16 million Euro mainly to pay staff salaries.