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Foundation with 10% stakes in MOL, Richter to fund Corvinus Uni

A foundation that holds 10% stakes in Hungarian blue chips MOL and Richter is being established to fund Corvinus University of Budapest, the ministers of justice and of innovation and technology said on Monday, state news agency MTI reported. 

The 10% stakes in oil and gas company MOL and drugmaker Richter have an estimated market value of some HUF 380 billion, said Minister for Innovation and Technology László Palkovics. Dividends paid on the shares can support the achievement of the universityʼs goals, he added.

The government decided to place the universityʼs real estate and material assets into the Maecenas Universitatis Corvini Foundation from July 1.

Minister of Justice László Trócsányi said the legal framework for the foundation is based on foreign precedents and stipulates a minimum capital requirement of HUF 600 million, a large board of trustees, a supervisory board and mandatory auditing. 

Corvinus University Rector András Lánczi said the funding model could become a paradigm for other institutions of higher education.