A Chinese company abandoned a €610 million ($660 million) Bulgarian railway tender after a probe of the deal was opened by European Union regulators, who hailed the withdrawal as a boost to economic security, reports Caixin. CRRC Qingdao Sifang Locomotive Co. Ltd. withdrew from the invitation to supply and maintain 20 electric trains, the European Commission said in a statement, citing Bulgarian officials.
The commission, which said last month it would investigate the Chinese company under a new subsidy regulation, added that the inquiry had been closed.
“Our first investigation under the Foreign Subsidies Regulation has already yielded results,” the statement quoted internal market commissioner Thierry Breton as saying. “We will continue to take all necessary measures to preserve Europe’s economic security and competitiveness – with assertiveness and speed,” he said.