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Nitrogénművek pays back MFB loans

Artificial fertilizer maker Nitrogénművek on Friday said it paid back its loans from the Hungarian Development Bank (MFB), together with interest and fees, in two installments.

Nitrogénművek paid back its working capital loan at the end of August and its investment loan at the beginning of September, the company said.

Asked by MTI about the size of the loan, CEO István Blazsek said he could not disclose the amount under an agreement with the MFB.

Government commissioner Gyula Budai said in July he reported Nitrogénművek to the Central Investigation Agency on suspicion of misappropriation of funds and bribery. He said the company did not have sufficient collateral for €50 million and HUF 10 billion of development loans that carried a state guarantee.

Nitrogénművek insisted at the time that the loans from the MFB carried market conditions.