Indotek Group responds to Minister Kapitány over Eximbank bond allegations

Indotek Group has responded to allegations made by Economic and Energy Minister István Kapitány regarding the use of Eximbank funds. The Minister announced that he has filed two reports involving 166 billion forints in Eximbank investments. One specific case involves Hungarian Real Estate Financing Zrt., where Eximbank purchased over 110 billion forints worth of bonds from an Indotek Group company.

Minister Kapitány stated that the company failed to provide adequate collateral for repayment. He noted that because the state guaranteed 80 percent of the capital, taxpayers would have been liable for the full amount if the company failed to pay. Furthermore, the Minister claimed the government bypassed standard banking procedures and rules prohibiting speculative real estate financing to approve the deal despite Eximbank's internal warnings regarding legal and market risks.

In a statement, Indotek Group denied any wrongdoing, asserting that all funds were used according to contract terms for investment and business development, such as residential construction. The group maintained that not a single forint has been lost, that remaining funds are available, and that interest payments continue. They expressed readiness to cooperate with authorities and provide proof of the lawful use of all resources.