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26th July, 2010

Várpalota cancels contract with motorcycle maker



The town of Várpalota has cancelled its contract with Magyar Motorkerékpár, which aims to revive the old Pannónia brand motorcycle.

According to the town, the company did not start fixed capital investment by the deadline of May 31, 2010. Várpalota is claiming back its Ft 15 million subsidy and default interest. The town has a 10% stake in the company.

“I was surprised,” said Magyar Motorkerékpár CEO and 90% owner Imre Mázló. “It is possible that I will purchase Várpalota’s stake and build the factory elsewhere,” he said.


Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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