Fejér county court on Friday voided the contract on a swap of land connected with the planned King’s City casino project. The lawsuit had been initiated by the state asset manager MNV in 2009 against Israeli-Hungarian businessman Joav Blum, asking the court to void the swap of land.
Blum purchased one orchard in Pilis and two in Albertirsa in 2007 and 2008. The MNV swapped the orchards for land in Sukoró on Lake Valence, saying that a motorway would be built on the site of the orchards.
The court found that there was never a genuine intention to build a public road but that the two parties were in reality seeking to implement the casino project. The court also drew attention to an over Ft 1 billion disparity in the value of the lands exchanged.
The MNV said in a statement that it will continue the lawsuit. It noted that it received a letter dated December 14 from Blum informing the company that he would not try to enforce the July 30, 2008 contract on the land swap.