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KÚRIA HANDS FORMER MVM CHIEF 5-YEAR PRISON SENTENCE

 

The Kúria, Hungary’s supreme court, in a binding ruling sentenced former national electricity company MVM chief István Kocsis to five years in prison on charges of embezzlement and other crimes. The Kúria upheld the ruling by the appeals court of Pécs and also fined Kocsis 2 million forints (EUR 6,000). The municipal prosecutor’s office of Budapest in 2012 pressed charges against Kocsis, his wife, as well as András Szász, MVM’s former chief consultant, of major embezzlement, abuse of funds, money laundering and systematically handling stolen property. According to the indictment, the defendants had signed unfavourable contracts which caused losses to the MVM group amounting to over 15 billion forints (EUR 45m).