Koiviston Auto spared €44 million repayment after EU court ruling in Helsinki

The Finnish bus company Koiviston Auto has announced that it will not have to repay €44 million in state subsidies, following a ruling from the European Union’s Court of Justice. The issue pertains to loans granted by the city of Helsinki to its previously owned Helsinki Bus Company.

In 2019, the European Commission deemed these loans illegal and ordered that they be repaid. However, by that time, ownership of Helsinki Bus Company had transferred to Koiviston Auto. The Commission asserted that the substantial subsidies could also be reclaimed from the new owner, Koiviston Auto.

The EU court has now overturned the Commission’s decision. Both the city of Helsinki and the Koiviston Auto Group had appealed the repayment order to the European Union’s court, which ultimately led to this favorable ruling for the bus company.