T-Systems Hungary is Well!

BUDAPEST, Hungary -- Statements published by the press that T-Systems has become insolvent are based on inaccurate news. The Company continues to be well provided with capital and financially stable. The liquidation procedure published by the press was initiated against another Magyar Telekom subsidiary earlier terminated by legal succession. The debt causing the problem has, however, already been settled.

T-Systems Hungary Kft. (TSH) – that is not identical with Magyar Telekom’s Business Services Business Unit, that is, T-Systems – became fully owned by Magyar Telekom in August 2007 then on December 31 2007 it amalgamated with IQSYS Zrt, a private limited company that is also fully owned by Magyar Telekom.

TSH had an earlier non-paid invoice due to which Budapest Metropolitan Court initiated a liquidation procedure on January 3, 2008 against the company that has already been terminated by legal succession. In the meantime, the legal successor IQSYS Zrt paid off the debt from business ethical considerations, independently of the course of legal proceedings in order to tackle the problem as quickly as possible. However, the investigation examining whether the claim is justified has not yet been concluded.

Despite the press communications published on January 9, 2008 T-Systems continues to be solvent, well provided with capital and financially stable.

According to the organizational restructuring of Magyar Telekom announced in September 2007, as from January 1, 2008 the Business Services Business Unit provides mobile and fixed telecommunications, as well as info-communications and system integration services to key customers (large corporate customers) and to small and medium sized enterprises under the brand name T-Systems. The line of business also encompasses marketing, sales and customer care.

T-Systems International GmbH