Hungarian Porcelain Maker Zsolnay Suspects Skulduggery
- 13 Feb 2016 7:00 AM
Hungarian porcelain maker Zsolnay Porcelánmanufaktúra has reacted angrily to a government decree which declared the company of “elevated strategic importance” as defined by the bankruptcy act. They said the company is neither insolvent nor bankrupt, adding that they traced signs of “an intent for a hostile takeover” in recent weeks.
Companies that are declared as of “elevated strategic importance” as defined by the bankruptcy act get special treatment in bankruptcy procedures.
The government decree was published in the official gazette Magyar Közlöny. The Hungarian porcelain maker said that the company has no knowledge of any bankruptcy or liquidation request, neither was there any legal ground for such a request.
It alleged that the government step was initiated by the Pécs local council as the latter intends to repurchase the company, which is being restructured by its new owners, only to sell it to another private investor.
According to 2014-end figures in the company registry, Zsolnay Porcelánmanufaktúra is 80.3% owned by Bachar Najari, a Syrianborn businessman with ties to Hungary and Switzerland, who acquired a majority stake in the company from the Pécs local council in 2013. The local council held 19.5% of the shares at the end of 2014.
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