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Demján to pay Arcadom sub-contractors out of pocket

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About 120 sub-contractors left with unpaid invoices after the failure of developer Arcadom are being compensated directly by the companyʼs owner, Arcadomʼs liquidator said at a press conference yesterday. 

The sub-contractorsʼ receivables make up less than 5% of Arcadomʼs liabilities, said Ferenc Borodi. Compensation will come directly from construction industry magnate Sándor Demján (pictured), who counts Arcadom among his holdings, he added.

The announcement followed a report from daily Népszabadság on Saturday that police had launched an investigation against the company on suspicion of fraud. Three sub-contractors have reported Arcadom for failing to pay them for work completed at a residential park in the capital, in spite of a court order, the paper said.

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