What’s happening? PM Orbán’s closest friend moved EUR millions from corporate group to private account

A substantial financial transfer involving one of Hungary’s most prominent business empires has drawn attention after reports revealed that HUF 3.39 billion (more than EUR 8.7 million) was moved from a company account to the private account of Lőrinc Mészáros, PM Viktor Orbán’s closest friend.

The sum was transferred from V-Híd Vagyonkezelő Ltd., a firm responsible for managing assets within the V-Híd Group, including property and high-value construction machinery. Following the transaction, only HUF 53 million (EUR 136,500) remained in the account: just over 1.5% of its previous balance.

Unclear legal basis

At present, it remains unclear on what legal grounds the transfer was made. Media outlets that sought clarification from the businessman’s corporate group reportedly received no substantive response. Instead, they were met with threats of legal action after publishing their findings.

According to 444, in previous years, Mészáros has regularly withdrawn dividends from the same company. These payouts typically corresponded with annual profits and were formally approved later in the financial year. Whether this latest transfer constitutes a dividend is expected to become clear once official financial statements are released by the end of May.

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A flagship business under scrutiny

The V-Híd Group is widely considered the crown jewel of Mészáros’s business portfolio and has generated record-breaking profits in Hungary’s construction sector. In 2023, one of its key firms reported profits of nearly HUF 51 billion (EUR 131.6 million), which were fully withdrawn by its owner.

Despite its financial success, the company has faced criticism over its treatment of subcontractors. Reports suggest that delayed contracts and late payments have been ongoing issues, leaving several smaller firms in financially precarious situations. Some have reportedly edged close to insolvency while working within a system where V-Híd holds a dominant market position.

Featured image: Mészáros Lőrinc – vállalkozó/Facebook