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.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
