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Former Transelektro unit changes name

Transelektro Asset Management Kft, the former property unit of troubled Hungarian engineering company Transelektro, has changed its name to T-2006 Property Developer, business weekly HVG reported in its latest issue published Thursday.

The company has new owners as well. In April a unit of Hungary's TIP 2001 Property sold the company to Valcon International, registered in the US state of Delaware. And in July, Liechtenstein-registered LAN Comp acquired a stake in the company. Despite the changes in ownership, members of the Székely family, who controlled Transelektro before it went bust, remained at the head of the company. Péter Székely bought Transelektro using state-subsidized loans when it was privatized at the beginning of the 90s. Several of the company's units went bankrupt in 2005. With the change of name to T-2006, the Székely family has effectively removed itself from any association with the name Transelektro.