Hungary’s state auditor has filed a criminal complaint after uncovering what it described as serious irregularities in the finances and ownership structure of Budapest Metropolitan University (METU), with investigators pointing to business ties connected to the circle around former central bank governor György Matolcsy and his son, Ádám Matolcsy.
The findings were published by Hungary’s State Audit Office (ÁSZ), which examined whether funds provided to the university by the Hungarian National Bank (MNB) had been used lawfully.
Auditor says concerns went beyond normal university operations
According to the audit, the main risks did not emerge from the university’s day-to-day operations but from its ownership structure and interconnected corporate network.
The report stated that the “complex company structure” and “personal overlaps” surrounding the institution justified a deeper investigation into the university’s financial management and ownership background.
The ÁSZ said it identified suspected criminal offences during the inspection and has therefore filed a report with investigative authorities.
Billions paid to company linked to Matolcsy family circle
One of the audit’s key findings concerns contracts signed with SkyGreen Buildings Kft. for office space in Budapest’s Infopark business district.
According to the report, METU paid approximately HUF 2.14 billion (around EUR 5.9 million) between 2022 and 2024 for rent, operations, and interior works related to the offices.
The auditor found that rental prices under the new agreements were roughly three times higher than before, contributing to a sharp rise in the university’s operating expenses.
The ownership structure behind the real estate company allegedly led back to investment funds ultimately controlled by Ádám Matolcsy through another holding company.
The report also concluded that the central bank itself indirectly helped finance the office purchases by buying bonds issued under Hungary’s corporate bond scheme.
In practice, the structure allegedly worked as follows: central bank funds helped finance office buildings, which were then rented to the university at elevated prices.
METU chief executive resigns
The scandal erupted on the same day Gréta Czene announced she was stepping down as president and CEO of METU.
The university said her departure was due to personal reasons and insisted the institution would continue operating according to its existing strategic goals.
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Ownership structure reportedly changed after Matolcsy era
According to earlier reports referenced by Telex, the university’s governance structure had become so legally complicated that leadership changes at the central bank did not automatically translate into control over the institution.
However, following the arrival of Mihály Varga at the MNB, the structure was reportedly dismantled, and ownership of the university’s operating company was transferred to the GDO Foundation, which also maintains Gábor Dénes University.
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