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Former CEO of national asset manager acquires stake in Re/Max Hungary unit

  Former CEO of the National Asset Management Company (MNV) Miklós Tátrai, currently in police custody, has acquired a majority holding Global Real Estate Franchise Hálózat, the Hungarian franchise network of real estate distributor Re/Max, business daily Napi Gazdaság said on Monday.

 

The paper said Miklós Tátrai purchased his holding in Global Real Estate Network Kft, the company behind Re/Max, from Balázs Posta.

The chief office of investigations on September 1 accused Tátrai of causing damage to the state in connection with a planned casino investment which is under a government investigation.

Re/Max director András Bogár confirmed the change in ownership and the restructuring to the paper. The new management appointed by the new owner completed the restructuring of the network and renewal of the management bodies by the end of August.

Hit by the crisis, the network fell to 25, but now it plans to expand further, increasing its market share from the current 35% considerably next year, Bogár told the paper. Re/Max had sales revenue of around HUF 200 million last year and projects similar revenue this year, the paper said. (MTI-ECONEWS)