EU Opens Investigation On China's Nuctech Security Company

(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, Dec 12 (KUNA) -- The European Union (EU) launched an investigation on Chinese security firm Nuctech with concerns that it received foreign subsidies that improved its competitive position in Europe at the expense of its rivals.
In a statement on Thursday, EU Commissioner for Competitiveness Teresa Ribera said that security surveillance systems play a key role in detecting threats in Europe, therefore, we thrive to grant all rival companies in the field a fair chance for competition.
The investigation follows previous raids conducted at Nuctech's offices in Poland and the Netherlands in April 2024, marking the first such action under the EU's Foreign Subsidies Regulation, the European Commission said.
EU regulators identified several possible subsidies granted by China to the company, including grants, preferential tax measures, and preferential financing through loans, it added. (end)
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