Hungary loses airport lawsuit to Canadian firm
A London judge has ordered Hungary to pay Ft 17-18 billion to Canada's Airport Development Corp (ADC) in a lawsuit over the nationalisation of Ferihegy airport in 2001.
ADC built the airport's modern terminal 2 and owned the right to operate the airport until 2010 through its subsidiary FUF. However, the Orbán government transferred the operating rights to the then state-owned Budapest Airport in late 2001.
The Canadian company sought an out-of-court settlement with the Medgyessy government, asking for half of the Ft 17-18 billion in compensation, but no deal was struck.
The Hungarian state assumed all liabilities regarding the transaction when it sold the airport operating rights to the UK's BAA late last year.
The above story is just one of more than two dozen published today by Hungary Around the Clock, the most comprehensive source of daily English-language news about Hungary. For a free trial of HATC, click here. Hungarian news sources include Népszabadság; Magyar Hírlap; Világgazdaság; Napi Gazdaság; Magyar Nemzet; Népszava; Kossuth Rádió news and Hungarian television's nightly news broadcast.
Email
Save to My CaboodleRelated Stories:
- Irish investors buy plot next to Ferihegy airport - 2006-11-28 10:20
- New anti-terror rules cause delays at Budapest airport - 2006-11-07 10:12
- Budapest Airport sells ground-handling unit - 2006-10-30 09:52
- New regulations to cut noise at main Budapest airport - 2006-09-27 06:28
- Privatization agency puts conditions on airport re-sale - 2006-09-20 10:36
- German construction company sets eye on Ferihegy Airport - 2006-09-14 09:23
- Budapest airport gets new, EU-approved security fence - 2006-08-14 09:36
- Budapest airport train service set to start in December - 2006-08-11 12:44
- Airport lawsuit could cost Ft 70 billion - 2006-07-21 09:00
- Budapest Airport to sell off ground handling operation - 2006-05-24 09:55
