State support for Audi suspended, HVG reports
The HUF 40 bln in support offered by the Hungarian state for the plant of German car manufacturer Audi located in Győr has been suspended, Hungarian online daily hvg.hu reported.
According to the daily, the suspension is due to Hungary officially informing Brussels in 2011 that it would pay Audi HUF 14 bln, while in fact it offered funding in the amount of HUF 40 bln. In September 2013, the Hungarian government officially informed Brussels about the revised amount.
The European Union, however, declared the funding unlawful and unofficial. According to HVG, the Hungarian public only learned about the increased amount of support by chance, when the European Commission determined that it would begin an in-depth investigation in the matter.
Both Audi and the Ministry of Foreign Affairs reportedly declined to answer HVG’s questions regarding the sudden increase in funding.
Companies Spending Less on Advertising
Gov't Calls on Fuel Companies to Adjust Prices to Regional A...
Spar Magyarország Revenue Climbs Close to 16% in 2023
Hungary Launches HUF 15 bln Tourism Sector Support Program
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
