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Orbán’s son-in-law has HUF 1 billion property in industrial park where gov’t tries to attract investors

Recently, István Tiborcz, the son-in-law of Hungarian Prime Minister Viktor Orbán, has become a co-owner of a valuable property in the industrial park. It is yet not clear if the property will be used but according to the recent statements, the city of Komárom is expecting that a South Korean company will set up its factory on the land. The South Korean company would arrive to Hungary following negotiations with the Hungarian government - reports investigative journalism website Direkt36.

Tiborcz acquired a 75 percent stake in WHG Ingatlan Kft. in August this year to become the part owner of an industrial property in the northwestern Hungarian city of Komárom worth an estimated HUF 1 billion.
WHB Ingatlan's other owner is Attila Paár, the man who bought Tiborcz's stake in Elios Innovativ Energetikai Zrt. in April 2015 after it was revealed that OLAF (the European Commission's Anti-Fraud Agency) was investigating the manner in which the company won a series of public lighting tenders in 2013-2014.
In March 2015 WHB Ingatlan purchased a property in the Komárom business park previously rented by Perlos, a company that manufactured accessories for Nokia mobile devices.
Last year, the municipal authorities invested some HUF 600 million in EU funds to modernize the business park, thereby making it more attractive to potential tenants.
According to Direkt36, the government has been lobbying investors in South Korea to set up operations there, in particular Woory Industries, an electronic parts manufacturer.
In November 2014, the Hungarian government took part in a South Korean business forum in Seoul, with Orbán and economics minister Mihály Varga attending. Shortly after, it was announced that Woory Industries would invest USD 38 million setting up manufacturing operations in Komárom between 2015 and 2018 and creating 150 jobs, but this has yet to materialize.
Sources in Komárom tell Direkt36 that Woory Industries is no longer interested in setting up there. Representatives of the company could not be reached for comment.
Hungary's Ministry of Foreign Affairs and Trade informed Direkt36 that meetings with the South Korean company are still ongoing, but would not comment on their progress.

Source: Direkt36; budapestbeacon.com

Last Updated on Tuesday, 29 November 2016 12:47

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