STATE PRIVATIZATION COMPANY MUST PAY

The Council of Appeals of the Supreme Court obliged yesterday the State Privatization and Property Management Company (ÁPV Company) to pay more than HUF 100 million and its interests.

The court maintained the earlier resolution that ÁPV Company had unlimited responsibility for a previous state company turned into a holding, later liquidated for debts created after June 16, 1995. This lawsuit was filed in the case of the milk industry plant in Szolnok but there were at least fifty similar suits against ÁPV Company. ÁPV Company accepts the verdict but wants to fight on in each legal procedure because such claims may cause several ten billion forints damage to the state.

Translated by Péter Szentmihályi Szabó