Friday, Jun 3, 2016. 12:04

Zsolnay sues for canceled MFB loan

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Porcelain maker Zsolnay Porcelánmanufaktúra said it is suing state-owned Hungarian Development Bank (MFB) for the cancellation of its loan, according to Hungarian news agency MTI.

MFB canceled the HUF 413 million loan provided to porcelain manufacturer Zsolnay Porcelánmanufaktúra, according to a report published on May 31, in the event that the company fails to comply with the repayment scheduled in less than two weeks.

According to earlier reports, the local council of Pécs had already set up a company with the name Ledina Kerámia to take over the operation of the porcelain manufacturer in the event that it is liquidated.

Najari, a Syrian-born businessman who acquired a 74.5% majority stake in the company from now minority owner Pécs local council in 2013, in a statement earlier aired concerns about what he believes could be an “intended hostile takeover” supported by “representatives of the minority owner”.

Following this statement, the majority owner announced at a general meeting that he had initiated the squeeze-out of the companyʼs minority owner.

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