Germany urges Malaysian owner to help save ailing shipyard | Your money

BERLIN (AP) – The German government on Monday called on Malaysia-based Genting Group to contribute financially to the rescue of a shipyard it bought five years ago in northern Germany.

The shipyard, MV Werften, filed for bankruptcy on Monday after experiencing financial difficulties over the construction of a huge cruise liner, German news agency dpa reported.

Germany has said it is ready to discuss granting massive state aid to the shipyard to prevent it from sinking, leading to the loss of 1,900 jobs in the northeastern state of Mecklenburg-Western Pomerania, in economic crisis.

But a spokeswoman for the Economics Ministry has made it clear that she expects Genting, majority owned by Malaysian billionaire Lim Kok Thay, to help with the rescue effort.

“The condition is that an adequate contribution be made on the side of the owners if we are going to talk about 600 million euros (678 million dollars) of federal money,” spokeswoman Nina Marie Guettler told reporters. in Berlin.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Previous Significant vaccine coverage amid rising COVID-19 cases │ GMA News Online
Next In court, Yale and other elite colleges are accused of limiting financial aid