Financial Times FT.com

Polish shipyards sold after rules breach

By Jan Cienski and Stefan Wagstyl in Gdansk

Published: May 28 2009 18:43 | Last updated: May 28 2009 23:01

The government agency in charge of disposing of two of Poland’s shipyards on Thursday signed an agreement selling the bulk of their assets to Netherlands-registered United International Trust.

The yards were forced into liquidation by the European Commission, which found they had received illegal government aid. The Commission ruled that the yards had to be broken up into smaller units, which were offered for sale via auction.

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