World Heritage Site palace owned by offshore-company in decay

Budapest’s Andrássy boulevard have been a World Heritage Site since more than a decade. The story of Andrássy út 83-85. began 13 years ago, when the Socialist-led local government sold the huge building to a real estate company owned by the  israeli businessman Arie Yom Tov. Yom Tov who had strong ties to the local government is still linked to the offshore-owned company which has the 25% of the building’s proprietary rights. Our investigation has shown that the company’s former attorney and the representative of a Yom Tov- related network of offshore companies can be linked to socialist politicians. Although the 6th district municipality is currently led by the right-wing Fidesz party, they are still unable to move forward in the situation. The municipality which proposed to terminate their contract with the company last december points at company’s creditor bank to take steps against the firm, while the company blames the residents for not accepting their new plans which would be their requirement to accept the termination of their almost a decade-old contract with the municipality. While everyone blames the other, the palace is becoming more and more dangerous day-by-day, due to the demolition works the company has started but never finished in the building.

Read the full article here (Hungarian)