Hungary secures controlling stake in regional railway operator GySEV
Construction and Transportation Minister János Lázár said in a social media post on Thursday that the state of Hungary could acquire Austrian construction company Strabag’s stake in GySEV (Győr-Sopron-Ebenfurti Vasút), giving it a majority holding in the regional railway company.
GySEV, the regional railway company
GySEV is a regional railway company operating in Hungary and Austria. Founded in 1872, it manages railway services across the western regions of Hungary and parts of Austria, including both passenger and freight transportation. It plays a significant role in connecting smaller towns and cities, fostering cross-border transportation and trade between the two countries.
Hungarian state is in the majority
Lázár called out Hungary’s earlier Socialist governments for signing contracts with the Austrians that had put the Hungarian side at an “unwarranted disadvantage”. While the state of Hungary plowed even more money into GySEV, the Austrians failed to keep up with their part of the capital raises while keeping their veto right, he added.
He noted that GySEV was owned by the states of Austria and Hungary, and Strabag. He added that Austria’s competition authority has now cleared Hungary’s acquisition of Strabag’s stake.
As the Minister stressed:
The transaction is good news for all passengers and employees of Hungarian railways. The development of GySEV, which was also achieved with Hungarian taxpayers’ money, will now make a tangible contribution to the catching-up of MÁV.
This will be much needed because the Hungarian State Railways, MÁV is in a terrible condition, and Minister Lázár has received a lot of criticism for the staggering delays, the postponed renewal of the railway tracks, and the old fleet.
As we wrote earlier, MÁV has set a new negative record in August, with a record percentage of trains running late, read details HERE.
read also:
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Well, there goes GySEV.
WHEN there is NO Funds available, as has been the case post February 2020, the arrival of the Corona Virus in Hungary, the on-going European Union – FALL Out, that no monies are available to this Government to make INVESTMENTS into the FUTURE of Hungary – the DECLINE of Hungary – “marches” on – it’s NADIR ???
The DEBT of the Orban – Fidesz Government, the DEBT to the European Union – and it GROWS through the severity of INTEREST charges – that BLACK Hole place, this Orban – Fidesz Government have DELIVERED us to as a country HUNGARY – DISRUPUTABLE / Villainous.
GYSEV is the only decent quality, punctual rail service in Hungary. Really, it needs less Hungarian state involvement, not more. What possible motivation does the government have to acquire a greater interest in GYSEV when the priority should be injecting more money into MAV to undertake essential, overdue maintenance.
Anyone with a brain has to be alarmed that the people who have been running MAV now plan to run GySEV. This is another business deal cooked up to funnel graft money into Fidesz connected pockets at taxpayer expense and which will run down another public service people need.
@Londonsteve. Politically as long as GySEV exists providing quality service under non-Hungarian ownership it is an embarassment to MAV, Lazar and Fidesz. Fidesz cannot allow a foreign competitor to operate in Hungary that outperforms. It’s absolutely hilarious that this quality railway exists as a result of the previous “socialist government” and Lazar can actually claim that this is something negative for Hungary. Any Hungarians who can look at this and think what Fidesz is doing is to their benefit are complete idiots.