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Austrian chief says Spar to stay in Hungary

EU

Spar supermarket chain has no intention of pulling out of Hungary, though the company objects to some regulations in the country, Austrian daily Die Presse quoted Spar Austria head Gerhard Drexel as saying.

"Business is booming for the company in Hungary, which is why it will not withdraw from the country simply because of laws that are incomprehensible and violate European Union rules," Drexel told the paper.

Drexel did complain that new rules require foreign-owned businesses to pay an oversight fee of as much as 6%, while Hungarian companies pay just 0.1%, and he also criticized the European Commission for failing to take action.

With 420 stores and an annual revenue of €1.5 bln, Spar has an 11% market share in Hungary, Hungarian news agency MTI noted.

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