June 17th, 2010

GVH investigates land appraisal companies on suspicion of cartel activity

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Hungary’s Competition Office (GVH) on Wednesday said it carried out unannounced on-site investigations at real estate and farmland appraisal companies on suspicion of cartel activity.

GVH carried out the investigations at the offices of ANZSO 2001 Szolgaltato es Kereskedelmi, FHB Ingatlan, Landimpex Szolgaltato es Tanacsado and Patria CONSULT Gazdasagi Tanacsado es Vagyonkezelo.

GVH said it suspected FHB Bank’s real estate unit FHB Ingatlan and the other companies had colluded in tenders to appraise property called by Hungary’s National Asset Management Company (MNV) in 2009 and 2010.

GVH has six months to complete the investigation of the companies, but it may extend the deadline twice, by as long as six months both times.

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