Interesting little coincidence yesterday in the increasingly fraught area of Russian-Hungarian economic ties. As expected, leading Hungarian energy firm MOL approved a series of takeover defenses aimed squarely Surgutneftegas, which is said to have comradely ties with the Kremlin.
Likewise, Hungary’s politicians been equally comradely in their support of MOL in trying to fend off unwanted suitors, particularly ones that might write the word “MOL” as “MOЛ”. Fair enough, except that same day, Hungary’s State Asset Management Company MNV announced it had called down a €32 bank guarantee from Russia’s Vnesekonombank in exchange for the debts of Malév, reminding us that the erstwhile national airline was sold off to equally murky Orosz interests last year.
Which raises the question of why it is okay for “the Russians” to take decisive a stake in Malév – one whose identity and value are tightly bound to its status as a flag carrier – but not one of many energy companies active in the Carpathian Basin. A cynic might almost believe it has something to do with the fact that everyone knows Malév’s goose is cooked, while MOL continues to supply golden eggs to cash-hungry Hungarian politicians and parties.
I see nothing wrong with protecting Hungarian interests for a change. Especially after the Malev blunder. You don’t really believe that Russians paid double of the market value for the MOL shares without having ulterior motives?
Like all foreigners, the Russinas are, or will very soon be, really sorry for “investing” money in bottomless pit Hungary.
There have been rumours spreading over the last months of the possibility of Hungary’s ex-Prime Minister Ferenc Gyurcsány following former German Chancellor Gerhard Schröder into the management of the Russian state-owned gas giant Gazprom. Propagators of the idea went into overdrive once again when, shortly after Gyurcsány’s announcement of his intention to step aside as prime minister, Austria’s largest oil producer sold its stake in Hungarian MOL, which, through an affiliate, happens to be the owner of the majority of gas pipelines in the country.
What did you just say, Gazprompt?
Please, ladies-
Malev was initially sold to Alitalia, famous for its indestructible profitability, renowned customer service, and complete absence of strikes.
How the Russkies can beat that track record is beyond me. Aim high!
MALEV should have been unceremoniously shut down and dismembered a good 10-15 years ago. Nobody would even remember it by now….
Of course, this way, hundreds of people were able to get graft and bakshish payments and pay-offs totaling probably US$100 million. That is why this aero-disaster of a company is still with us.
Hungarian politicians and, so-called, Hungarian businessmen, attended the same bugger-up, bugger all, academy of bungling bodgers.
Malev, MOL, MSZP, Mohacsi MEP,Malfunctioning industry across the Carpathian Basin etc – All doing rather well, really?
This is what I said “anonymous”!
Well, Gazprompt had said something insightful, then Gazbag said something completely different but wise. Are you now saying they are one and the same?
Well “anonymous”, to be at one with fraud, embezzlement, corruption, insider-trading,
evasion of tax, an unfair and insipid tax system,
unelected prime ministers, crooked politicians,
medieval local government, manipulated currency
(forint),useless national bank,increasingly hated
by neighbouring countries, is to enjoy Hungary’s rich pageantry of recreational activities.
Amen. Gazdag, who do you work for, Bud, the Hungarian National Tourism Office?
Yeah, it is insightful going around the Carpathian Basin to learn how much hatred there is agaisnt Hungary and Hungarians all around the nations bordering Hungary. Of course, the Hungarians despise foreigners as well, so I guess that makes it quits. Also, Hunagrians hate everyone who does not speak Hungarian and does not look and act exactly like them.
Until two weeks ago, one could at least go to the depths of South America with a Hungarian passport and feel sort of removed from it all. Now, they hate the Hungarians’ guts even there, wow! Nice going there, Compadres!
Hungarians need to find a new planet to populate, it seems.
Fair enough G.G.
Best give Bolivia a miss! Leastways, for a while, yet!
I did apply for a job, once, at the Hungarian National Tourist Office.
They turned me down on the grounds that I had no real knowledge about the place. Neither did they -
(HNTO) but who cares anyway!?