MKB Bank is suing the city of Budapest, claiming it owes the contractor for a city-led PPP project €25m, plus interest. It’s a complicated mess, as the city concluded a deal with the developer Porto Investments on the construction of the CET Budapest cultural complex, located in Pest. Porto ended up borrowing roughly €28m from the bank on a project worth €30m. While the actual building was completed, it was never connected to the utilities, something the city and the developer claim was the responsibility of the other party. The building remains empty to this day.
