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MÁV underfinanced for years, says CEO

Continuous under financing is apparent in the operation of state-owned railway company MÁV, CEO Ferenc Szarvas told an ad hoc parliamentary committee established to review decisions made at the company in 2002-2010.

MÁV cannot even make investments to replace assets that have been completely amortized, Szarvas said.

The committee reviewed MÁV's operation at group level during the period and heard additions to an earlier report by the state audit office ÁSz on a review of railway developments. (MTI – Econews)