Report: Templeton chief in Asia buys Pápai’s assets

History

The assets of troubled Hungarian meat firm Pápai Hús were reportedly purchased by Frank Liu, an Asian businessman, who submitted the best offer for the assets, Hungarian daily Világgazdaság reported today.

According to the Hungarian daily, the offer of HUF 1.1 billion for the companyʼs assets, announced on Tuesday, was submitted by Hungarian Tano Commerce Kft. Liu is listed as managing director of Tano China Capital Management.

Liu is also associated with Franklin Templeton securities, as president of Franklin/Templeton Securities Investment Consulting (SinoAm) and a director of the Franklin Templeton First Taiwan Securities Investment Trust Enterprise, Hungarian news agency MTI reported.

However, a spokesman for Franklin Templeton said that the investment in Pápai Hús was made by Liu, and it has nothing to do with Franklin Templetonʼs activities.

Franklin Templeton is a fund that specializes in emerging markets, and it has traditionally been an important investor in Hungarian state bonds. Until recently, Franklin Templeton held more than 10% of Hungaryʼs state debt.

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