State establishes company to take over assets of troubled alumina maker
The Hungarian national asset management company MNV has established a company to take over the assets of troubled alumina maker MAL, the National Development Ministry said on Tuesday.
The company is called Nemzeti-MAL-A Aluminiumtermelő. MAL was ordered under liquidation late in February, and a state-owned receiver took over the company's management.
The National Development Ministry said at the time that the government would intervene to ensure property and assets necessary for production are kept and “to allow production to continue in a new company free of liabilities.”
MAL was fined HUF 135 billion in 2011 for environmental damage caused by a toxic sludge spill at its plant in Ajka. A reservoir at the plant ruptured in October 2010, sending a flood of red sludge through surrounding villages that killed ten people and damaged hundreds of homes. The event was Hungary's worst ever environmental disaster.
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