Áder returns savings cooperatives law to Parliament


Hungary’s President János Áder has returned legislation to Parliament that would transfer ownership of farmland earlier reserved as compensation for former landowners and cooperative members, Hungarian news agency MTI reported on Friday.

The president expressed concerns over the law’s failure to clearly define the scope of the farmland in question, allowing, in principle, the state to take over any land farmed by cooperatives not previously designated to compensation land funds free of charge, MTI reported.  

The law stipulates that farmland taken over by the state is to be offered in ongoing sales of land to local farmers.

The law also repealed earlier legislation allowing the former cooperative members to purchase the farmland using compensation coupons, thus bringing the compensation process to a conclusion.

Earlier on Friday, Takarékbank, which acts as a kind of central bank for Hungaryʼs savings cooperatives, denied allegations of theft made by Sándor Demján. On Thursday, Demján made the claim that an open letter he had written prevented the theft of upwards of HUF 70 billion from the assets of savings cooperatives by a “group of parasites”, MTI reported on Friday. 


Hungary Inflation Rate at 21.5% in May Figures

Hungary Inflation Rate at 21.5% in May

Parl't Approves Amendments to Legislation on Judiciary Parliament

Parl't Approves Amendments to Legislation on Judiciary

Industrial Production Declines in April Manufacturing

Industrial Production Declines in April

Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov... History

Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov...


Producing journalism that is worthy of the name is a costly business. For 27 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.