Hungary's Pécs Buys Water Works Back For €1
- 29 Apr 2013 9:00 AM
The city of Pécs will buy Suez Environnement’s 51% stake in local water works Pécsi Vízmû for €1 while the government will pay the French company Ft 3 billion in compensation for the town’s unilateral cancellation of the contract in 2009.
Pécs city council debated the contract at a closed meeting on Friday, as Suez asked councillors to honour a secrecy obligation.
Mayor Zsolt Páva signed the contract in Budapest and confirmed that it was agreed when Prime Minister Viktor Orbán visited Pécs on Thursday that the state would pay the compensation.
The Socialist Party said it will take legal action to have the document made public.
Source: Hungary Around the Clock
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