EU Raids Security Equipment Firm Under Foreign Subsidy Law
- Regulators don’t identify the target or location of raid
- Foreign Subsidies Regulation has so far targeted Chinese firms
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European Union watchdogs raided the premises of an unidentified security equipment firm in another test of a new law aimed at preventing foreign state-funded companies from abusing their financial muscle to fend off EU rivals.
The European Commission said Tuesday it “has indications that the inspected company may have received foreign subsidies that could distort the internal market.” Regulators said they were accompanied on the raids by national watchdogs. It didn’t name the company involved or its home country.