In its preliminary assessment the Commission has found that the decision of the Antwerp Port Authority to reduce the compensation payments for two container terminal operators in the Port of Antwerp may constitute unlawful State aid. Whether or not this initial finding will be confirmed after the formal investigation procedure mainly depends on the answer to the following two topical questions: (1) is a decision adopted by a public undertaking’s Board of Directors, with members of the City Council making up at least half of it, imputable to the State?; and (2) would a rational market economy operator postpone the invoicing of contractual compensations for four years before eventually granting a reduction of circa 80% of the amounts due, whereas the actual impact of the economic crisis on the business of its customer was limited to circa 39%?