Budapest city council not to sue Fadesa

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The Budapest City Council's general meeting did not give approval late on Tuesday to Mayor Gábor Demszky to take legal action to invalidate the Ft 11.3 billion sales contract signed between the Spanish real estate development firm Fadesa and the municipality of Budapest's District 21 (Csepel). Fadesa transferred the money to the Csepel district council's account on December 17 to purchase the 82-hectare plot in line with the contract signed on October 18.
After the vote, Gábor Demszky told journalists that there is a legal possibility to have the contract declared invalid and he is considering what steps to take. Leading city council officials told representatives of Spanish-owned Fadesa Hungária Property Developer Rt that they consider the sales contract signed between the council of District 21 and the real estate firm as invalid. The Mayor's Office said late on Tuesday that the 82-hectare plot of land, purchase by Fadesa's Hungarian company in November, is considered as non-marketable council-owned asset.

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