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These secret funds are managed by the richest in Hungary
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We now know where the money is, just not where it is from and exactly whose it is. Although Fidesz promised to banish concealed forms of ownership from economic life before 2010, private equity funds in particular proliferated during the Covid period. 43 of them are clearly run by a pro-government elite, but the rest are not far from power either.
The government has set off a crazy wave of privatisation by building a system of public task-performing trusts. But at least those units are not secret. There is a form of organisation that could even be run as intended – but in Hungary, it is used more abusively, as politically motivated, “faceless” funds.
Private equity funds, which also exist internationally, were originally fundraising organisations in which business decisions were made strictly by fund managers; meanwhile, unit-holders, ie the ultimate beneficiaries, wait in silence for the results. Their identities are secured by law, and we cannot, as a general rule, know what kind of money has been “laundered” into them.
The interesting thing is that before the 2010 parliamentary elections, Fidesz in press conferences used to connect the corrupt, secretive, offshore, leading-edge left-wing with these forms of funds and fight against them through lawmaking.
Answer Online has compiled exactly how many private equity funds are currently managed by registered fund managers from the current records of the national bank. Their number increased greatly during the Covid period.
All best friends of His Royal ExtraLargety Victorinus Orbanicus’…. how strange.