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Pólus Investment ready to negotiate on Palace of Arts PPP

Pólus Investment is ready to negotiate on a public private partnership (PPP) it entered into with the state of Hungary on the construction of the Palace of Arts, a civic center in the capital, but its position is “firmly defined” by the existing contracts, CEO Imre Mécs told the daily Népszabadság.

“Our stand is unchanged, that is, we are ready to negotiate. But our position is firmly defined by the existing common law contracts and the Western European and American investors who expect these to be kept,” Mécs told the paper. “We are accountable to those investors,” he added.

The paper asked Mécs about the investment after state secretary Sára Nemes Hegman told journalists that the state was reviewing about a hundred PPPs with the aim of making savings. She mentioned that about HUF 9.8 billion was allocated for the Palace of Arts in the 2011 budget.

Pólus Investment is owned by the Hungarian construction magnate Sándor Demján.