BUDAMAR WEST Declared Insolvent: German Partners Accused of Causing Multi-Million Euro Debt

The company BUDAMAR WEST has entered insolvency proceedings, with the application reportedly filed by its parent company, BUDAMAR GROUP. The insolvency is attributed to the company’s poor financial health, allegedly caused by suspicious financial dealings and the establishment of parallel companies by its German partners.

According to information obtained by RAILTARGET, the insolvency petition was submitted last week by BUDAMAR GROUP. BUDAMAR WEST was established as a joint venture between BUDAMAR LOGISTICS—a subsidiary of the powerful BUDAMAR GROUP—and three German partners.

The declared reason for insolvency is insolvency due to inability to meet financial obligations. BUDAMAR GROUP blames the German partners, who joined the joint venture several years ago. As reported by RAILTARGET, these partners allegedly failed to fulfil their obligations and instead engaged in various financial manoeuvres that harmed BUDAMAR WEST’s interests, ultimately undermining the joint business goals. As a result, the company reportedly suffered damages amounting to at least €2.5 to €3 million.

Market sources indicate that the three partners—Steffen Pötzscher, Martin Anschütz, and Janosch Richter—founded parallel companies operating in the same sector as BUDAMAR WEST. These ventures allegedly involved the use of BUDAMAR WEST’s resources and unilateral, non-transparent signing of contracts.

The origins of BUDAMAR WEST trace back to 2020, when Pötzscher, Anschütz, and Richter, then decided to launch their own business in the construction transport (Baugeschäft) sector. The idea caught the interest of BUDAMAR LOGISTICS, leading to a vision for a joint venture. The German partners were to handle transport operations, while BUDAMAR LOGISTICS, as a key logistics player, would contribute clients and assets such as freight cars and locomotives. However, this concept has now collapsed into insolvency amid suspicions of asset stripping.

German commercial register records show that multiple companies with identical management structures were formed around the German partners. These include Traktion4Rent GmbH, MoveMaint GmbH, and Anschütz & Richter GbR, all run exclusively by the German stakeholders. Reportedly, these companies operated in the market without the knowledge of BUDAMAR LOGISTICS and allegedly at its expense.

RAILTARGET reached out to all three German partners for comment. Steffen Pötzscher responded before the article's deadline, stating: "There is no causal link between the business relationship between BUDAMAR WEST GmbH and Traktion4Rent GmbH and the current insolvency proceedings." Janosch Richter supplemented Pötzscher’s comment by adding: "Our company Anschütz & Richter GbR was established to support BUDAMAR WEST with additional transport services."

BUDAMAR GROUP also issued a formal response: "Throughout the existence of BUDAMAR WEST GmbH, BUDAMAR LOGISTICS a.s. fully respected the joint venture agreement and refrained from establishing new companies operating on the German or Austrian markets. The same cannot be said of the German co-owners, who violated this agreement. Even during these difficult times, BUDAMAR LOGISTICS a.s. continues to stand by BUDAMAR WEST GmbH’s employees and supports the company through ongoing shipments. By contrast, the German partners have for several months redirected their business activities to their newly created companies. This is the primary reason behind the insolvency proceedings."

RAILTARGET will continue to monitor developments in this case.