Hungary: Concerns Over New Race Track Project

3 03 2010

Transparency International warns of concerns in Hungary over EUR 74.7 million state aid and a loan of EUR 55 million from the nations development bank. Why are the worried about the `Balatonring’ race course in Sávoly? For several reasons:  according to documents leaked from the Ministry of Finance, officials found the investment very “risky, uneconomic and unlawful”; ank to the project of Sávoly Motorcentrum Kft., owned by Worldwide Circuit Managment SL., in which the Spanish Sedesa is involved. The head of Grupo Milton Management Zrt., the company responsible for the management of the project and former owner of Sávoly Motorcentrum Kft. was convicted on charges of fraud and of other crimes in 1995. “Even more concerning is the fact that the feasibility study of the project is not open to the public, and journalists seeking the release of the study under Hungarian Freedom of Information legislation were refused access to the document” – said Balázs Dénes, chairman of Hungarian Civil Liberties Union. Full Story