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PM Orbán: the government would take MOL’s excess profits, shares fall
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PM Viktor Orbán announced on his Facebook page this afternoon that the Hungarian government would take the excess profits of MOL, Hungary’s and Central Europe’s biggest oil and gas company.
According to the Hungarian Prime Minister’s short post on the biggest Social Media platform, from now on, the high fuel prices brought about by EU sanctions are in effect in Europe. However, in Hungary, the government will take the excess profits the companies generate, he added. The money will be transferred to the government’s so-called Utility Protection Fund, the prime minister highlighted.
Portfolio.hu, a Hungarian economic news portal, said that the government’s decision was not surprising because the MOL already had a significant amount of “excess profits” and the budget needed every forint since next year would be financially hard.
Read alsoPM Orbán: the government would take MOL’s excess profits, shares fall
As an accountant with a 30 years experience I have never heard of the term “excess profits” before. In the Profit & Loss report there is no such term.
It is just a nice name that Orban invented to steal from companies (not all companies, his friend companies are exempt).