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Cash convoy controversy: Orbán ally’s firm transported billions to Ukraine for years
Hungary’s growing cash convoy scandal has taken a new turn after reports revealed that a company owned by a close ally of Prime Minister Viktor Orbán had been transporting large cash shipments destined for Ukraine for years, with the knowledge of Hungarian authorities.
According to multiple sources cited by Hungarian outlet Telex, the cash logistics company Criterion Készpénzlogisztikai Kft. (Criterion Cash Logistics), owned by businessman István Garancsi, regularly moved large sums of money from Vienna to the Hungarian–Ukrainian border.
The shipments were part of a legal banking operation transferring currency from Austrian financial institutions to Ukrainian banks since the outbreak of the Russian invasion of Ukraine.
Hungarian authorities reportedly knew about the operation for years.
Authorities previously coordinated the transports
Sources familiar with the logistics say the transports typically took place weekly, sometimes even several times a week. The cash – often worth hundreds of millions – was flown from the United States to Vienna before being transported by armoured vehicles to Hungary.
Criterion staff would reportedly collect the money from Austrian banks in the early morning, transport it to Budapest, and then move it onward to the Ukrainian border at Záhony. There, Ukrainian teams would take over the shipment and continue the journey to Kyiv.
These operations were conducted with strict security protocols. Armed guards and surveillance teams accompanied the convoys, and authorities, including the Hungarian police and the National Tax and Customs Administration of Hungary (NAV), were aware of the movements. In some cases, Austrian police assistance was also requested.
Industry sources say such transports were fully legal and followed international banking procedures.
The convoy that sparked the scandal
The controversy erupted last week when Hungarian authorities stopped two Ukrainian-registered armoured vehicles on the M0 motorway near Budapest.
The convoy carried large amounts of cash and gold, reportedly destined for Ukraine. Hungarian authorities launched a money-laundering investigation, while the Ukrainian state bank Oschadbank and Austria’s Raiffeisen Bank International insist the shipment was part of a documented and legal bank-to-bank transfer.
Because Ukraine’s airspace has been closed since Russia’s full-scale invasion in 2022, large quantities of foreign currency have been transported by road through neighbouring countries.
Political tensions complicate the case
The scandal has also become entangled in the already strained relationship between Hungary and Ukraine.
Hungarian minister János Lázár suggested the seized funds might not be returned until Ukraine restores oil transit through the Druzhba oil pipeline, which supplies Hungary and Slovakia with Russian crude.
Ukraine says the pipeline was damaged by a Russian drone strike, while Kyiv has also argued that continuing Russian oil exports helps finance Moscow’s war effort.
Meanwhile, Ukrainian officials insist the seized shipment was lawful and warn that banks may avoid routing cash transports through Hungary in the future.
Here’s what happened before:
- Ukrainian bank staff detained in Hungary: Kyiv alleges “hostage-taking”, Budapest launches money-laundering probe
- Hungary to expel seven Ukrainian cash couriers, Kyiv warns of possible sanctions – video
- Ukrainian bank demands return of millions of dollars, euros and gold seized by Hungary
A lucrative business could disappear
If financial institutions reroute these deliveries, Hungary could lose a significant logistics business linked to the transport of currency and gold to Ukraine.
Since the start of the war, billions of euros and dollars have reportedly been moved along this route each year, making Ukraine one of the most important clients in the European cash logistics sector.
“The shipments were part of a legal banking operation transferring currency from Austrian financial institutions to Ukrainian banks since the outbreak of the Russian invasion of Ukraine.”
Hehehe, no.
Just because a corrupt dictator claims his moneylaundeing operation is “perfectly legal” does not mean, it is. The same is true for a bank. Them saying they are not guilty is not conclusive evidence that they actually are.
As I wrote previously, Hungary did know, that the money laundering goes on. But choose not to rock the boat.
Now, that Ukraine crossed the line, the gloves came off, and the law is being upheld against Ukrainian corrupt oligarchs personal interests.
Very cool. Unfortunately your jerk-off fantasy is without any basis in reality.
Just because a corrupt dictator claims his moneylaundeing operation is “perfectly legal” does not mean, it is.
I swear I thought you are talking about Orbán :DDDD
Was bist Du denn für ein komischer Vogel? Guter Freund von Orban? Zumindest sind deine “Argumente” mehr als nur fraglich.
But think of this:
When banks transfer money, they do it through wire 99.9999% of the time.
When they physically transfer money, they 99.999% transfer only 1 currency, so they would transfer Euros exclusively, not US dollars in case of an Austrian bank. Because an Austrian bank can get unlimited Euros, but has to trade for dollars.
And, because banks don’t think gold is money, they transfer exactly 0% of the time gold, as part of a money transfer.
The fact it’s a physical transfer is already highly unusual. The fact that they use multiple currencies is borderline unprecedented. And the fact that they bring gold in a money convoy, together with 2 fiats is literally unprecedented in 21st century history of banking.
So yes, Hungary has a very good reason to be suspicous of money laundering, and to investigate it.
And the fervor of people involved claiming they are innocent leans to being “denied too much” to be false. Or whatever the English phrase is.
Fidesz has not provided a single shred of evidence whatsover that it stopped “money laundering”. It is simple banditry by Orban. The Fidesz Hungarian government has become an evil entity bent on assisting Russia to subjugate Ukraine and destroying European security to enlarge Russian power on all of us.