Minister explains HUF 212 bln in loans to MVM

Telco

In response to a query by an opposition MP posted on the Parliament website, National Development Minister Miklós Seszták explained the reasons for a total of HUF 212 bln in loans that the Hungarian National Asset Management Company (MNV) has extended to one of its assets, the Hungarian Electricity Works (MVM), Hungarian news agency MTI reported today.

Seszták wrote to Socialist MP Bertalan Tóth that:

• MNV lent MVM HUF 71 bln for the purchase of E.ON's gas business in Hungary in August 2013. In the interest of ensuring repayment, a capital raise of an equal amount was made in MVM.

• MNV lent MVM another HUF 41 bln to buy a 49.73% stake in gas distributor Főgáz.

• The third loan, of HUF 100 bln, was used to top up MVM's gas reserves.

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