Zoltán Rudi, former chairman of Hungary’s public television network MTV, is being charged with misappropriation involving a contract he signed when he was in office that saw the new headquarters of MTV sold to property developer Wallis as part of a leaseback agreement.
Milleniumi Média Kft, the company set up by MTV to build the television’s new headquarters in Buda’s District III., was sold to Wallis for HUF 7.4 billion during Rudi’s tenure, which lasted from 2004 to 2008, and MTV leased back the building for HUF 3 billion a year.
The lease contract was to run for 40 years, costing the state an estimated HUF 130 billion compared to the originally planned HUF 23 billion.
In April 2011 Milleniumi Média, which spent HUF 151 billion to develop the property, agreed to end the lease contract and sell the building to the state. [index.hu]