Putin's bank moves to Budapest, gets all conceivable privileges and immunities

index.hu | 2/22/2019 | Impresszum
n.king (Posted by) Level 3
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The proposition to introduce the new international agreement with Russia into the Hungarian legal system contains a number of unusual details that provide a number of extra rights for the International Investment Bank (IIB) that is the legal successor of the Comecon and the bank of the former Soviet economic organisation.

Apart from the specifications of the buildings the Hungarian state provides to serve as the new headquarters and other facilities of the IIB, the agreement stipulates that all costs are to be paid by the Hungarian taxpayers – including refurbishings, rent, and security.

Agreement - Number - Immunities - State - Enter

The agreement contains a number of immunities that make sure that the Hungarian state will not be able to as much as enter the building without prior authorisation, as IIB will be granted similar legal standing as diplomatic missions and offices of international organisations. The state is supposed to provide security by stationing a "sufficient number" of policemen at the offices, but they will not be able to go in as long as they are not specifically invited in by the IIB.

According to the proposition, the IIB office will be inviolable and will be under the complete control of IIB, and will enjoy immunity against all sorts of forfeiture and expropriation procedures along with all material goods owned by the Bank, and no executive or judicial power can decide otherwise. Moreso, all assets of the bank will be

Immune - Restrictions - Regulations - Control - Moratoriums

immune to all restrictions, regulations, control and moratoriums.

Hungarian authorities will only be able to enter the building upon the explicit consent of the Bank, under the rules and conditions determined by the Bank. IIB's activities will be exempt from:

Obligations - Authorisation - Activities

Any and all obligations to register or acquire prior authorisation for their activities.

Any and all legal procedures carried out by the Hungarian administration or the judiciary except for cases...
(Excerpt) Read more at: index.hu
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