PLUCKING BÁBOLNA COMPANY

The affiliated firms of the renowned agricultural company are privatized through inner connections.

The privatization of Bábolna Poultry-Farming Ltd and Pannon Poultry Ltd (remnants of the legendary Bábolna Company) goes on employing cross holding, curious bank credits and off-shore manoeuvres. The privatization is conducted by State Privatization and Holding Company and by Reorg Company. The closing-down sale of the items of Bábolna Company has been going on in a complicated way with the participation of owners who are partly employed by the firms to be sold, partly managers of the buyers. The latest report of the State Audit Office says that in 2004 the state measures to reorganize Bábolna Company failed and it made a loss of HUF 10 billion.

Translated by Péter Szentmihályi Szabó