February 2nd, 2010
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Court orders BVM to pay Ft 8 billion in compensation for tying up building project

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The Economic Department of the Budapest Municipal Court on Monday ruled building materials company BVM Epelem must pay Global Center, a unit of property developer Ablon Group, HUF 8bn in compensation for tying up a building project.

BVM was ordered to pay the compensation by the Hungarian Chamber for Trade and Industry’s arbitration board in November 2009, but BVM asked the Municipal Court to annul the decision.

At the centre of the dispute, which has run for more than ten years, is a 17-hectare plot in Budapest co-owned by the two companies. Global Center wanted to build on the site, but was unable to because of differences over the division of the plot.

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