The European Commission announced on Wednesday it has closed an investigation into a Romanian State guarantee to chemical firm Oltchim after the government informed it had not been granted.
According to a press release, the EC opened an in-depth State aid investigation, in November 2009 over concerns that the planned guarantee of a bank loan to Oltchim, one of Romania's largest chemical companies, did not meet the conditions set in the Temporary Framework on state aid to assist companies' access to finance during the financial crisis.
The press release shows the investigation was triggered after a complaint that the State had granted the guarantee to cover 80% of a €62 million bank loan to Oltchim for it to acquire Arpechim, a troubled supplier.
As the Romanian authorities have, in the meantime, informed that the guarantee had not been granted, the Commission cannot pursue the investigation.
