2012. október 16., kedd

New law to enable government to attain confidential data from private companies

A law that is before Parliament will allow the Government Control Office (KEHI) to attain insight into any business documents of private companies in which the state has any stake.

KEHI's task is to control the government and state-owned companies (i.e. with minimum 50%+1 share stake). The law will force private companies with any state share (however small) to provide all and any requested data (including confidential material) to KEHI.

The consequence is that a number of companies listed on the Budapest Stock Exchange will be required to completely open themselves to government inquiries (and, for instance, provide information that even their biggest shareholders would not have access to).

This is because the state has attained - often small - shareholdings in many of these listed firms when the government nationalised the old-age pension system's private pillar. That pillar had been administered by private insurance companies and consisted of bonds and stocks, which were transferred to the state treasury in the course of the expropriation. 

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