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Statement of MAL Co. Ltd.
1.) The owners of MAL Co. Ltd. feel responsibility for their workers, suppliers and customers. In the plant owned by Hungarian businessmen there were no cut-backs even during the worst recession, the company has been able to keep its customers during the global financial crisis and the management will do its best to maintain this situation.

2.) The management of MAL, in co-operation with the Hungarian Defence Forces, has undertaken significant investment- and current costs to execute the switch to the safer dry red mud storage technology in the shortest time possible.


3.) Owners maintain their previous point that not their manner / fault caused the disaster, but other reasons (e.g. planning and building deficiency of the red mud reservoir during the management of the predecessor state-owned enterprise; the negative effects on soil stability of the Western clay-wall ordered to build before the regime-change, which has not been investigated at that time; dams of the cassette No. X have been dimensioned for dam rupture, but not for soil rupture; extreme weather conditions etc.)


4.) Their point of view is also reinforced by all the required permissions received from the competent state authority for environmental protection, and that the operational directives have been observed.


5.) Besides the damage responsibility (200 million EUR) they also dispute the calculation method of the fine strictly on professional base (e.g. the fine is greatly higher than the damage, and than the fair value of the company, or than the turnover of the company, however even the volume of rain is calculated in the stated amount).


6.) MAL Co. Ltd. certainly will attack the penalty on legal way which may appear as collectable liability only in the court period, based on the judgement at law corroborated by expert opinion.


7.) Even after the state surveillance the owners of MAL Co. Ltd. continue to cooperate with the representatives of the Hungarian Government and those of their creditors. As a result of this a draft of an agreement has been prepared which may ensure the retention of workplaces and the continuous increase of the goodwill of MAL.


8.) MAL Co. Ltd. tenders its thanks to all business partners, especially to all suppliers for tolerating the significant delay in payments resulting by the disaster, and in this way they significantly contribute to the operation of the company.


9.) Owners and managers of MAL Co. Ltd. condole with the families of the tragedy’s victims and in the future they will still do their best to be a company which assures the living of thousands of families in the region.


Ajka, 15th September 2011

                                                                          The Management of MAL Co. Ltd.

MAL - Magyar Alumínium Termelő és Kereskedelmi Zrt. - 8400 Ajka, Gyártelep hrsz. 598/15. -
Court Reg. No.: Cg. 19-10-500274 VAT Reg. No.: HU 12516564