Hell Energy Hungary initiates the recall of the latest issue of Forbes and sues the publisher of the magazine over the list of the 25 most valuable family companies. Forbes published the list in its September issue, and after four years, Hell Energy was included again. According to Hell’s press release, in 2019, “the court prohibited” the publisher of Forbes magazine from any kind of data management in relation to “the private individuals concerned” (i.e. the owners). According to the company, this ban, owner protests and ongoing legal disputes were ignored by Forbes and included in the list anyway, complete with “a weak tabloid-style, personal commentary”.
Hell last filed a lawsuit against Forbes four years ago, at the beginning of 2020, because of its then-published list of billionaires. At that time, the court issued a so-called temporary measure, on the basis of which the publisher had to recall the magazine: the move was so unprecedented that the case was still the international press also covered it.
After four years, the court finally made a first-instance decision in February of this year, which means that the lawsuit is expected to continue for years, but for the time being, Forbes was mostly right. The reason for Hell’s current lawsuit is that Forbes and Hell had different interpretations of what the current court ruling means in practice for Forbes’ lists.
The position of Forbes is that after four years, the name of the owner Barabás family can be written down again, since the first degree canceled the temporary measure, essentially amounting to censorship, on the basis of which data management and the writing of the names of the Hell owners were prohibited four years ago. However, according to Hell’s argument, in February 2024, only a first-degree, non-final judgment was issued, they believe that the temporary measure is in effect until the final adjudication of the lawsuit, so Forbes would still not be able to publish content about the owners.
The paper says they also only learned about it from the newsthat Hell’s owners are suing the publisher again. Forbes writes that, in the case of Hell Energy, it acted in the same way as in the case of all the other actors, both in the preliminary legal consultation, in the valuation and in the preparation of the content. “According to the editors of Forbes, the general public is rightly interested in how the enterprises that receive state support operate. The estimates prepared by Forbes – with the involvement of experienced and recognized company valuation experts – can be interpreted as indicators of this. The amount of state support a large employer receives and the investment it makes are not mutually exclusive, and in fact, the investment itself is often a condition for the support. In Hell Energy’s statement, it does not mention funds from the MNB’s bond programs, although the company was able to develop capacities, among other things, by accessing very substantial public funds. In our opinion, the stake of the years-long legal dispute between the publisher of Forbes and the owners of Hell Energy is whether or not journalism is practically impossible.”
Hell called the article published in the magazine a “weak tabloid-style, personal commentary”, which is why Forbes brought it online.
Hell Energy revenues
Table of Contents
Hell Energy Hungary Takes Legal Action Against Forbes Magazine Over List of Most Valuable Family Companies
In a recent move, Hell Energy Hungary has initiated a lawsuit against Forbes magazine, seeking to recall the latest issue of the publication, which features a list of the 25 most valuable family companies. This is not the first time Hell Energy has taken legal action against Forbes, with a similar lawsuit filed four years ago over a list of billionaires [[1]][[2]][[3]].
According to Hell Energy’s press release, in 2019, a court prohibited the publisher of Forbes magazine from managing data related to the private individuals concerned, namely the owners of Hell Energy. Despite this ban, Forbes has included Hell Energy in its September issue, accompanied by “a weak tabloid-style, personal commentary” [[1]].
The dispute between Hell Energy and Forbes dates back to 2020, when the company filed a lawsuit against the magazine over its list of billionaires. The court issued a temporary measure, requiring Forbes to recall the magazine, a move that garnered international attention [[2]].
After four years, the court finally made a first-instance decision in February 2024, but the lawsuit is expected to continue for years. The current disagreement between Hell Energy and Forbes centers around the interpretation of the court ruling and its implications for Forbes’ lists.
Forbes argues that, with the first-degree judgment, the name of the owner Barabás family can be written down again, as the temporary measure was essentially canceled. However, Hell Energy contends that the temporary measure remains in effect until the final adjudication of the lawsuit, and therefore Forbes should not publish content about the owners [[3]].
The publisher of Forbes magazine claims to have acted in the same way as with other companies, involving experienced and recognized company valuation experts in the valuation and preparation of the content. Forbes believes that the general public has a legitimate interest in how enterprises that receive state support operate, and the estimates prepared by Forbes can be seen as indicators of this [[2]].
This ongoing legal battle highlights the complex and often contentious relationship between businesses and media outlets. As the lawsuit continues, it remains to be seen how the court will ultimately rule on the matter and what implications this will have for the publication of sensitive information about private individuals and companies.
References:
Why did Hell Energy Hungary file a lawsuit against Forbes magazine?
Hell Energy Hungary Takes Legal Action Against Forbes Magazine Over List of Most Valuable Family Companies
In a recent move, Hell Energy Hungary has initiated a lawsuit against Forbes magazine, seeking to recall the latest issue of the publication, which features a list of the 25 most valuable family companies. This is not the first time Hell Energy has taken legal action against Forbes, with a similar lawsuit filed four years ago over a list of billionaires [[1]][[2]][[3]].
According to Hell Energy’s press release, in 2019, a court prohibited the publisher of Forbes magazine from managing data related to the private individuals concerned, namely the owners of Hell Energy. Despite this ban, Forbes has included Hell Energy in its September issue, accompanied by “a weak tabloid-style, personal commentary” [[1]].
The dispute between Hell Energy and Forbes dates back to 2020, when the company filed a lawsuit against the magazine over its list of billionaires. The court issued a temporary measure, requiring Forbes to recall the magazine, a move that garnered international attention [[2]]. After four years, the court finally made a first-instance decision in February 2024, but the lawsuit is expected to
