Budapest to sue Csepel over Fadesa deal
Tuesday, December 6, 2005, 09:02
The Budapest municipality will mount a lawsuit against the Csepel municipality because Csepel sold a 82 hectare area on the northern tip of the island to Fadesa Hungária Zrt, a Spanish-owned property development company, national daily Népszava reported. Budapest municipality had a preemptive right over the properties on the area, though had no money to buy it. The general assembly on December 20 is expected to decide on turning to the court. Budapest wants to have the sale announced void. Fadesa will transfer the purchase price of Ft 11 billion by December 15 to the Csepel municipality's account in terms of the contract signed in November. The lawsuit will not affect the sale contract, said Csepel mayor Mihály Tóth.