Germany urges Malaysian owner to help save ailing shipyard

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The German government has called on Malaysia-based Genting Group to contribute financially to the rescue of a shipyard it bought five years ago in northern Germany.

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BERLIN – 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 protection on Monday after running into financial difficulties over the construction of the massive cruise liner, German news agency DPA reported.

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Germany has said it is ready to discuss providing enough state aid to prevent the shipyard from going down, which would mean the loss of 1,900 jobs in the economically depressed northeastern state of Mecklenburg-Western Pomerania.

But a spokesman for the Ministry of Economy clarified that he expects Genting, which is majority-owned by Malaysian billionaire Lim Kok Tha, to contribute to the rescue effort.

“The condition is that there is a substantial contribution on the part of the owners if we’re going to talk about 600 million euros ($678 million) in federal funding,” spokeswoman Nina Marie Guettler told reporters in Berlin.

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