shipping - Link: Complaint against MSC/HHLA-Deal at EU Commission
After CDU city councilman Goetz Wiese, the port expert for the Left party Norbert Hackbusch has lodged a complaint with the EU Commission against MSC's planned entry into HHLA, the city's port logistics company. The background being possible state subsidies in favor of MSC due to a low purchase price for HHLA shares, Hackbusch revealed.
"No traffic value appraisal was commissioned from the Senate for HHLA, despite the state budget ordinance requiring it," he said.
Experts had pointed out this issue in committee hearings several times. "If the city then wants to buy back the shares, it must do so based on a traffic value appraisal - the whole thing is therefore more than illogical," Hackbusch added.
The red-green Senate aims to bring Mediterranean Shipping Company (MSC) on board to stabilize Hamburg Port and Logistics AG (HHLA) and container handling. The city is to own 50.1%, and MSC 49.9% of the company. Previously, the city owned around 70%, with the rest in scattered ownership. For the HHLA shares, MSC is to pay 16.75 euros per share according to the agreement.
Hackbusch: Senate goes over EU subsidy regulations
With this deal, the Senate is going over EU subsidy regulations, Hackbusch stated. "It is possible that the sale of HHLA shares is below market value and causes economic damage to the Free and Hanseatic City of Hamburg. However, we must exclude the possibility that this is a subsidy in favor of the MSC Corporation."
Already about three months ago, the port expert for the CDU faction had lodged a complaint with the EU Commission. Wiese also criticized the planned undervaluation of HHLA shares.
MSC's entry into the city council already on target
The city council gave its initial approval to the Senate's plans last week. Final approval for the deal from the state parliament is expected to be given in its first session after the summer break on September 4. There is no doubt about the approval given the red-green two-thirds majority.
- The complaint lodged by Goetz Wiese, the CDU city councilman, and Norbert Hackbusch, the port expert from the Left party, is against MSC's planned entry into HHLA due to potential state subsidies.
- Hackbusch highlighted that no traffic value appraisal was commissioned from the Senate for HHLA, despite the requirement in the state budget ordinance.
- Hackbusch argued that if the city intends to buy back shares, it must do so based on a traffic value appraisal, making the current situation illogical.
- According to the agreement, MSC is to pay 16.75 euros per share for the HHLA shares, a deal that Hackbusch believes may go against EU subsidy regulations.
- Wiese, the CDU's port expert, had previously lodged a complaint with the EU Commission about three months ago, expressing his concerns over the potential undervaluation of HHLA shares.
