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EMFESZ starting liquidation procedures to collect HUF 3bn in receivables

Gas trading company EMFESZ, which controls about one-fifth of Hungary's gas market, on Wednesday said it is starting liquidation procedures against companies owned by Csaba Pomázi to collect about HUF 3 billion in overdue receivables.

EMFESZ said it would use all of the civil and legal tools at its disposal to see that it gets the money owed it by Dunacent, ENERGOTT, Alfa-Nova and Szegedi Hőszolgaltató.

The companies provide district heating services in the cities of Szekszárd, Szolnok, Szeged, Székesfehérvár, Dunaújváros, Tatabánya and Győr.

Daily Magyar Nemzet reported on Wednesday, citing market sources, that EMFESZ suppliers will suspend deliveries to the company if it does not settle several billion forints of liabilities by noon on Wednesday. If the suppliers stop deliveries, EMFESZ could lose its operating licence, the paper said.

EMFESZ has been excluded from trade on the Daily Natural Gas and Capacity Trading Market, a trading system established by FGSZ, which operates the country's gas transmission system, said Peter Csiszer, strategic director for KELER, the clearing house for the market. EMFESZ forfeited its bond with KELER, but it was not enough to cover the company's liabilities, thus money had to be taken out of a guarantee fund into which market players contribute, he added.

EMFESZ told the Magyar Nemzet its problems were caused because a single big domestic consumer owes it HUF 2.8 billion. EMFESZ started a liquidation procedure against the company on Tuesday, the paper said. (MTI-ECONEWS)