Fúzió-Pharma to be liquidated
Monday, July 25, 2005, 12:57
The Budapest City Court reached a verdict mandating the liquidation of formerly successful drug wholesaler Fúzió-Pharma Rt some days ago, business daily Napi Gazdaság reported. The decision concluded a case initiated in September 2003 as the company has been losing money for a few years, with revenues plummeting from Ft 2.2 billion in 2003 to Ft 276 million a year later while losses remained close to Ft 255 million. A subsidiary of U.S.-based industry giant ICN Pharmaceuticals Inc. until 2002, Fúzió-Pharma is currently owned by PharmaCom Kft. The latter is controlled by a handful of Hungarian individuals through their businesses, including Hír Televízió Rt owner István Töröcskei, financier Klára Deák, and Imre Boros, minister in charge of Phare issues during the Orbán administration. Fúzió-Pharma acquired long-established but bankrupt gun manufacturer Fégarmy Rt from the state early this year.