Europe: Portugal’s holding of golden shares in Energias de Portugal is contrary to European Union law

The European Court of Justice gave its opinion yesterday in Commission v Portugal (C-543/08), holding that Portugal’s holding of golden shares in Energias de Portugal was contrary to European Union law, such holding being an unjustified restriction on the free movement of capital: see here. A press release is available here (pdf).

Earlier this year the Court of Justice held that the Portuguese State's holding of golden shares in Portugal Telecom, which conferred special control and decision-making rights, constituted an unjustified restriction on the free movement of capital: see here.