The European Commission Wednesday said it will refer Greece to the European Court of Justice for not acting to end ownership restrictions on Public Power Corp. SA (PPC.AT), the country's largest electric utility.

The Greek government limits voting rights in the company to 5% for any non-government investor and ensures it retains at least 51% of the company itself.

The commission said these restrictions violate European Union rules on the free movement of capital throughout the EU's internal market.

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