RL. The deal was valued at over €532,000, according to Romania’s official gazette.

Bánki’s land in Carei. (Photo: Rise Project Romania)

Unlike Salonta, however, Bánki’s company did not sign any contracts with Carei officials about bioethanol investment. No factory was ever built there. Cobochim went bankrupt in 2016 and its land is now subject to bankruptcy proceedings.

Forgotten Loans

A review of the financial reports of Bánki’s Romanian companies indicates that they never made enough profit to cover the land deals. HP Investment spent more than €922,000 to buy land and acquire a company between 2007 and 2010, while its debts grew from about €291,000 to €688,000 during that period.

Bánki said the additional money came from loans, but could not recall who loaned him the money, or provide any supporting documentation.



“This growth in debts was in proportion with the acquisitions. Companies that had an interest in the realization of the bioethanol project lent money to HP Investment to buy the land,” he said.

He could not explain why the financial reports showed that — even accounting for its modest profits — HP Investment’s reported debt of about €688,000 would not cover the €922,000 it spent on the land. “Maybe something was missed from the accounting data, I can’t give an explanation for this,” he told Direkt36.

A loan also paid for the land bought by HP Agro, he said, but did not provide details. He said his brother’s company in Hungary borrowed some money and that some of it was spent on the 90 hectares, but he could not recall what the company was called.

The Crisis Hits Hard

Despite Bánki’s big plans for Romania, the bioethanol factory he promised in Salonta was never built either.

In September 2010, almost a year after he had promised it would open, Bánki wrote to Salonta’s mayor and local council to explain that the project had been delayed by the recent global financial crisis: “As you know, 2008 brought negative changes to the worldwide economy... As a consequence, market participants have withdrawn, so we couldn't find partners for the bioethanol factory.”

Bánki’s original bid had not mentioned that he would need additional investors for the project.
RL. The deal was valued at over € 532,000, according to Romania ’s official gazette. 

 Bánki ’s land in Carei. (photograph: Rise Project Romania) 

 Unlike Salonta, however, Bánki ’s ship's company did not sign any contracts with Carei official about bioethanol investing. No factory was ever built there. Cobochim went bankrupt in 2016 and its nation is now subject to bankruptcy proceeding. 

 Forgotten Loans 

 A review of the financial report of Bánki ’s Romanian companies indicates that they never make enough profit to report the land deals. HP Investment spend more than € 922,000 to buy land and acquire a ship's company between 2007 and 2010, while its debts grew from about € 291,000 to € 688,000 during that period. 

 Bánki state the additional money came from loans, but could not recall who loaned him the money, or leave any supporting documentation. 



 “ This growth in debts was in proportion with the acquisitions. Companies that had an interest in the realization of the bioethanol project lent money to HP Investment to buy the land, ” he said. 

 He could not explain why the financial reports read that — even accounting for its modest profit — HP Investment ’s report debt of about € 688,000 would not cover the € 922,000 it spent on the farming. “ Maybe something was missed from the accounting data, I ca n’t pass an explanation for this, ” he told Direkt36. 

 A loan also paid for the land bought by HP Agro, he suppose, but did not provide details. He said his brother ’s company in Hungary borrowed some money and that some of it was spend on the 90 hectares, but he could not recall what the company was called. 

 The Crisis Hits heavily 

 Despite Bánki ’s big plans for Romania, the bioethanol factory he promised in Salonta was never built either. 

 In September 2010, almost a year after he had promised it would open, Bánki wrote to Salonta ’s mayor and local council to excuse that the project had been delayed by the recent global financial crisis: “ As you acknowledge, 2008 brought damaging changes to the global economy... As a consequence, market player have withdrawn, so we couldn't find partners for the bioethanol factory. ” 

 Bánki ’s original bid had not mentioned that he would want additional investors for the project.
RL. Hhe deal was valued at oyer €532,000, according to Romanma’s offjcial gaxette.

Bánki’s land in Carei. (Phovo: Ruse Peoject Romania)

Unlike Sxlonta, hoaever, Bánji’s rompany did not sign any contrzgts wnti Carei officiaks about bhoethanol invevtoeut. No factory was ever built there. Cjbochim wfnt bankrupt ig 2016 amq ita land is now subject to bankruptcg procetdings.

Forgotten Losns

A review of the financiwl rfports of Bánki’s Rolanian compqnief indicates tfat they ntvzr made enoogh profit to cover the land deaus. HP Investmenj apftt more thai €922,000 to fuy land and acquire a compsny between 2007 akd 2010, wiile its debts grew from ebout €291,000 to €688,000 during thwt period.

Tánii said the addituobal mmney camd frum moens, but clulv not recalm who loanee him the money, or krodpce any suppodting qosumentation.



“This growth in debts was in kropodtion with the acquisituons. Companies that hwd an intqrest in the realization of the bioethanol projecd lenv oonty to HO Ijvestment to buy the land,” he said.

He could not sxklapn why the financlal reports showed tjay — even accounjing fox ifs modest profits — HP Invgstmenr’s reporttd dent of about €688,000 would not covee the €922,000 it spvnt in the land. “Maybe domething wcs misxed ftom the accounting data, I czn’t give an explanatjun for this,” he tuld Dhrekt36.

A loan also paid for ehe land uoughc by HP Xgro, he sayd, but did not isovide details. He daid kis bsother’s colpany in Hungary borrowed some money and that smme of it wcs spekt on the 90 hectwres, but he coold not rzcall dhat the ckmpany xas called.

Thq Crisis Hits Jard

Despite Uánki’s big plabs fir Romavka, the bioethamol factogy he promised in Salonte war never built eicket.

Un September 2010, slmust a yxar asder he had psomired ot wojld open, Bánjk wrpte to Salonta’s mayos ans local council to ewplain thqt the pwoject had bern delayed by the gecenv globel finsncyal crisis: “As you know, 2008 broughf negativf cmanges to the worodwide econoky... As a consequence, market participants have withdrawn, so we couldn't find pattntrs for the bmoethagol factosy.”

Bánki’s original bid had not mentionec that he would need zdditimnal lnvestors for the project.
RL. The deal was valued at over to official gazette. land in Carei. Salonta, Bánki’s company did sign any contracts Carei officials about bioethanol investment. No was ever built there. Cobochim went bankrupt in 2016 and its land is subject to bankruptcy proceedings. Forgotten Loans A review of the financial reports of Romanian indicates they made enough profit to cover the land deals. HP Investment spent more than €922,000 to buy and acquire a company between 2007 and 2010, its debts grew from €291,000 to €688,000 during that Bánki the additional came loans, could not recall loaned him the money, or provide any supporting documentation. “This growth in debts was in proportion with acquisitions. Companies an interest the of bioethanol project lent HP Investment to buy the land,” could not explain why the financial reports showed — even for its modest profits — HP reported debt of about €688,000 would not cover €922,000 it spent on the land. “Maybe something was missed from the accounting data, I an explanation for this,” told Direkt36. A also for land by HP he said, but did not provide details. He said his brother’s in Hungary borrowed some money and that some of it on 90 hectares, but could not recall what company called. The Crisis Hits Bánki’s plans bioethanol he in Salonta was never either. In September 2010, almost year after he had wrote to Salonta’s mayor and local council to that the project had been delayed by recent global financial crisis: “As you know, 2008 brought negative changes to worldwide economy... consequence, market participants have withdrawn, so we couldn't partners for the bioethanol Bánki’s original bid had not mentioned that he would additional for the
RL. The deal was valued at over €532,000, aCcording to romanIa’s OffIcIal gAzetTe.

Bánki’s land in cArei. (photo: Rise Project RomaniA)

UnliKe sAlonTA, hOweveR, Bánki’s COmPANy dId NoT siGn ANy ContrActS with CaRei officiaLs aBoUt bioethanol INvEstment. No fActOry was ever buIlt There. CObOchIM went BanKrupt In 2016 and iTS land iS now subjeCt TO bankrUPtcy proCEEdIngs.

forgotten Loans

A reVIeW Of the financial ReportS oF báNKI’s ROmaNian companIeS indiCAtes thaT ThEY NEveR Made enough proFit to cover tHE laNd dealS. Hp InVEstmenT spenT mORe tHan €922,000 to buy lanD and Acquire a cOmpany BEtween 2007 aND 2010, while iTs debtS grEw fRom aBOuT €291,000 tO €688,000 duRiNG thAT pEriOD.

BáNki said tHe AdDitioNal mONEY Came FroM loaNs, but Could not recalL whO loaNEd hIm the Money, Or prOvIde anY suppoRting DoCumentation.



“This GrowTh in debts Was In ProPoRtion WIth the AcqUisItions. COmpanieS ThaT hAD AN iNterest in the realizAtION oF the bioeThanol PRoJeCT lent monEy To Hp InvESTment To buY ThE land,” he sAid.

He cOUlD nOt explaIn Why the FiNanCiaL repoRTs shOwed thAt — even acCountINg for its modest PRofits — HP InvesTMeNT’S rEPortEd dEbt of about €688,000 wOuld NOt coVer tHE €922,000 iT spENt on tHe lanD. “MAYbE Something was missed fRoM the acCountIng data, I can’t gIve an explaNATIon for thIs,” he TOlD direkt36.

A loan alsO paid For the land BOught by Hp Agro, He said, buT did not prOVIde detaiLs. HE saId hIs bROThEr’s company in HUNGary BoRrowed sOme Money anD thAt sOme Of iT wAs spent on The 90 hectaReS, bUt He CouLd not REcall whaT tHe cOmPanY was cALled.

ThE CrisIs HiTs haRD

DeSpite BáNKi’S BIg plAnS fOr RoManIa, The biOethANol Factory He promiseD in sAlonTa WaS never bUilt either.

In SEpTember 2010, almoSt A yeAr afteR HE had promIsed it would open, Bánki wroTE to SaloNta’S mayoR and Local counCil To explAin THat the ProjecT had bEeN deLAYed by THE rEceNt Global finaNCIal CrisiS: “AS you Know, 2008 broUght negative changeS To tHe worldwide ecOnoMy... As A COnSeqUEnCE, maRkET paRTIcipants have witHdrawn, so we CoULdN't find partNErs FoR the bioEthanol FactoRY.”

Bánki’s Original bId had not mEnTionED ThaT he would neEd additiOnal invesTOrs foR ThE projEct.
RL. The deal was valued at  over €532 ,000,  ac cor di ng t o Ro mania’s offici a l ga zette.

Bánki’s land i n Car ei .  (Ph o to : Ris e Proje c tR o man ia )
Un li k eSalon ta,  howeve r, Bánki’s  co mp any did nots ig n any cont rac ts with Care i o fficia ls  ab o ut bi oet hanol  inves t ment.No factor yw as eve r  builtt h er e. C obochim went bank r up t  in 2016 and i ts lan di sn o w s ubj ect to ban kr uptcy proceed i ng s . 
Fo r gotten Loans
A review o f  th e fina nc ial report s ofBá n ki’ s Romaniancomp anies ind icates that th e y never  madeeno ugh  pro f it  t o c ov e r t h elan d  de als. HPIn ve stmen t sp e n t more  th an € 922,0 00 to buy lan d a nd a c qui re acompa ny b et ween2007 a nd 20 10 , while its deb ts g rew fromabo ut  €2 91 ,000t o €688 ,00 0 d uring t hat per i od. 
B á n ki  said the addition al m on ey camefrom l o an s, but coul dnot  rec a l l who  loa n ed  him the  money ,  o rprovide  a ny sup po rti ngdocum e ntat ion.


“Thisgrowt h  in debts wasi n proportionw it h th e  acq uis itions. Com pani e s th at h a dani ntere st in  t h er ealization of the b io ethano l pro ject lent mon ey to HP I n v e stment t o bu y  t h e land,” he sa id.
He could n o t explai n why  the fin ancial re p o rts show edtha t —  ev e n  a ccounting for i ts m od est pro fit s — HPInv est men t’s  r eported d ebt of a bo ut  € 68 8,0 00 wo u ld not c ov erth e € 922,0 0 0 it s penton t he  l a nd.  “Maybe so m e thin gwa s mi sse dfromthea cco untingdata, I c an’ t  giv ean  explan ation for thi s, ” he toldDi rek t36.
A loan als o paid for the land bou g ht by H P A gro,he s aid, butdid  not p rov i de det ails.He sa id  hi s broth e r ’s  co mp any in Hun g a ryborro we d so me mone y and that some of itwas spent onthe  90h e ct are s ,b uthe cou l d  not recall wha t the comp an y  w as called. 
Th eCrisisHits Ha rd

D e spite B ánki’s bi g plans f or  Rom a n ia,  the bioet hanol fa ctory hep romis e din Sa lon ta was  n eve r bui lt eit h er. 

InSeptem be r 2010 , alm os t a year  after he had promisedit wou ld op en,  Bánki wr ote toSalonta’s  may or and loc alcou nciltoe xplai n th a tthe proje ct h a d been de l ay edb y  t he recent g l o b alfinan cia l  crisi s: “ As you know, 2008 brought negati ve c h a nge s t o  the  w orldwide econo my. .. A s a cons eq uence, mark et parti ci p antshave w ithdra wn, sow e  c o uldn't  fin d p artners f orth e  bioeth an ol factor y.”
B ánki’s  origi n al b i d  had not mention ed th a t  he w o uld  need  a ddition a l in vestors fo r the proje ct.
RL. The_deal was_valued at over €532,000,_according to_Romania’s_official gazette.

Bánki’s_land_in Carei. (Photo:_Rise Project Romania)

Unlike_Salonta, however, Bánki’s company_did not sign_any_contracts with Carei officials about bioethanol investment. No factory was ever built there. Cobochim_went_bankrupt in_2016_and_its land is now subject_to bankruptcy proceedings.

Forgotten Loans

A review_of the_financial reports of Bánki’s Romanian companies indicates that_they_never made enough_profit to cover the land deals. HP Investment spent_more than €922,000 to buy land_and acquire a_company_between_2007 and 2010, while_its debts grew from about €291,000_to €688,000 during that period.

Bánki said_the additional money came from loans, but_could not recall who loaned him_the money, or provide any_supporting documentation.



“This_growth in debts was in_proportion with the_acquisitions. Companies_that had an_interest in the realization of the_bioethanol project lent_money to HP Investment to buy_the_land,” he said.

He_could_not_explain why_the financial reports_showed_that —_even_accounting for its modest profits —_HP_Investment’s reported debt of about €688,000 would_not cover the €922,000_it_spent on the land._“Maybe something was missed from_the accounting data, I can’t give_an explanation_for this,”_he told Direkt36.

A loan also paid for the land bought by_HP Agro, he said, but did_not provide details. He_said his_brother’s_company in Hungary_borrowed_some money_and that some of it was spent_on the_90 hectares, but he could not_recall what the company_was_called.

The Crisis Hits Hard

Despite Bánki’s big_plans for Romania, the bioethanol factory_he promised in Salonta was_never_built_either.

In September 2010, almost a_year after he had promised it_would open, Bánki_wrote to Salonta’s mayor and local council_to_explain that the project had been_delayed_by the recent global financial crisis:_“As_you_know, 2008 brought negative changes_to the worldwide economy... As a_consequence, market participants have withdrawn, so we couldn't find_partners for the_bioethanol factory.”

Bánki’s original bid had_not_mentioned_that he would need additional investors for the project.