Supreme Court rules in favor of Hubertus in privatization case

Awards

Hungaryʼs Supreme Court (Curia) yesterday ruled that Hubertus Agráripari had acquired land legally as part of the privatization of partially state-owned land manager Balaton-nagybereki Állami Gazdaság in 1992, and therefore rejected an appeal by the National Land Management Fund (NFA) submitted in 2011.

The NFA launched the appeal because it considered state-owned land leasing contracts acquired by Hubertus through the privatization to be unlawful and "against good morals". Through the contracts, Hubertus gained the right to rent 7,725 hectares of land for HUF 10 per hectares for 99 years.

Hubertus made several offers in the past and would be ready to pay market price for the land, but it would require the state to take part in the water governance costs of the area as it does for other state-owned rented land, Gyula Hubay the legal representative of Hubertus said following the Curiaʼs decision.

Hubertus Agráripari is majority owned by German company Hubertus Agrarindustrielle.

ADVERTISEMENT

Varga puts 2021 GDP growth at 7-7.5% Analysis

Varga puts 2021 GDP growth at 7-7.5%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New managing director at the helm of Wolt Hungary Appointments

New managing director at the helm of Wolt Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.