Zoltan B., the former CEO of MAL Zrt., received a prison term of two and a half years for public endangerment and other crimes, while Jozsef D., a deputy CEO, received a two year sentence.
In keeping with privacy rules, the court did not identify the defendants by their full names.
Eight other people on trial for the 2010 disaster received suspended prison sentences, fines or reprimands, while the city court in Gyor acquitted five.
The trial court ruled that MAL Zrt. managers and employees broke numerous rules regarding the storage and handling of the leftover sludge and water from producing alumina, the main raw material for making aluminium.
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"The defendants' negligence contributed to the catastrophe, since they did not deal with the warning signs of a possible breach," the court said in a statement.
"And they misled area residents and authorities regarding the true amount and toxicity of water accumulated due to the rule violations, which ultimately became determinant factors of the catastrophe."
The court also said the defendants did not notify authorities or were late doing so regarding the sludge flood and its toxicity.