Hungarian Sukoro Land Swap Contract Voided
- 21 Jun 2012 9:00 AM
The Capital's Court of Appeals on Wednesday voided the contract on a swap of land plots related to the planned Sukoro King's City tourist project, upholding the verdict handed down by the lower Fejer county court. The court rejected the defendant's procedural objections and ruled that the goal of the contract was to evade relevant legal regulations, notably to avoid open tendering.
The defendant Israeli-Hungarian businessman Joav Blum representing a group of investors signed the contract on a land swap with the National Asset Manager in summer 2008. Under the agreement two properties in Albertirsa and one in Pilis, owned by Blum were to be swapped for 20 properties owned by the Hungarian state in Sukoro.
The court ordered Blum to pay Ft 8,150,000 in trial costs. The prosecutor's office said the state may have incurred Ft 1.3 billion damage with the contract. Charges are expected to be raised in early July.
Source: Hungary Around the Clock
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