Foreign investor who partnered with Pécs faces liquidation – Budapest Business Journal

A foreign businessman who partnered with a city is apparently losing his business after losing the support of state and local officials. A liquidation proceeding was launched against Pécss Zsolnay, a  porcelain manufacturer whose majority owner expressed concerns of a hostile takeover by city representatives.

The procedure was launched by an unnamed Hungarian-owned construction company, who purchased a debt that Zsolnay had with the state-owned Hungarian Development Bank (MFB), local portal pecsma.hu reported.

Bachar Najari, a Syrian-born businessman who acquired a 74.5% majority stake in the company from now minority owner Pécs local council in 2013, in a statement earlier aired concerns a…

Read the full article at: http://bbj.hu/business/foreign-investor-who-partnered-with-pecs-faces-liquidation_117574