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Supreme Court to rule on HUF 8 bln compensation case on October 12

Hungary's Supreme Court will rule on October 12 on a decision by the Budapest Municipal Court ordering building materials company BVM Épelem to pay Global Center, a unit of property developer ABLON Group, HUF 8 billion in compensation for tying up a building project.

The economic department of the Budapest Municipal Court ordered the payment in a decision in February. BVM was ordered to pay the compensation by the Hungarian Chamber for Trade and Industry's arbitration board in November 2009, but BVM asked the Municipal Court to annul the decision.

At the center of the dispute, which has run for more than ten years, is a 17-hectare plot in Budapest co-owned by the two companies. Global Center wanted to build on the site, but was unable to because of differences over the division of the plot. (MTI - Econews)