Police have reportedly detained billionaire property businessman Dániel Jellinek and Norbert Szivek, the former chief executive of Hungary’s Hungarian National Asset Management Inc. (MNV), in connection with a long-running investigation into alleged corruption surrounding state-owned Volán bus companies.
The two are linked to a long-running police investigation
Multiple Hungarian media outlets reported that the two men were taken from properties linked to them on Tuesday morning. However, police had not officially confirmed the detentions at the time of publication. Dániel Jellinek is currently the 7th richest Hungarian, while Norbert Szivek was the former head of the Hungarian National Asset Management Inc. (Magyar Nemzeti Vagyonkezelő, MNV).
Prime Minister Péter Magyar also referred to the reports on Facebook, saying police investigators had detained Jellinek, whom he described as one of Hungary’s wealthiest businessmen and a former business associate of István Tiborcz, son-in-law of former prime minister Viktor Orbán.
Investigation centres on allegedly overpriced buses
According to Telex, the reported detentions come days after Hungary’s National Investigation Bureau (NNI) announced that eight former executives had been made suspects in an investigation into allegedly overpriced purchases involving Volán companies.
According to the NNI, the investigation concerns transactions carried out between 2015 and 2018, which are suspected of causing around HUF 10 billion (EUR 27.4 million) in financial damage. Investigators say more than 600 used buses were purchased at inflated prices, while the acquisition of a Volán company’s headquarters in Kecskemét allegedly caused at least HUF 550 million (EUR 1.5 million) in losses.
The NNI is investigating suspected misappropriation causing particularly significant financial damage and money laundering involving particularly large sums. Police investigators say allegedly illicit funds were channelled through intermediary companies and fictitious loan agreements before being invested in property projects in Budapest, Balatonvilágos and Törökbálint.
Never miss a headline: join Daily News Hungary’s Telegram channel!
Why Szivek is central to the case
Szivek headed MNV between 2015 and 2018, when the state asset manager exercised ownership rights over the Volán companies. According to police reports, the then leadership had knowledge of valuable state-owned properties that could generate significant profits if sold.
The authorities allege that money connected to the bus purchases and the Kecskemét property deal was transferred through intermediary companies and subsequently invested elsewhere. Szivek was among the eight people reportedly questioned as suspects last week. At that stage, investigators had not requested coercive measures against them.
Jellinek’s business connections
Jellinek, head of Indotek Group, is one of Hungary’s best-known property investors and has had extensive business dealings with companies linked to Tiborcz István, son-in-law of former prime minister Viktor Orbán.
Investigations by G7 cited by Hungarian media have examined financial transactions involving Jellinek-linked companies and businesses associated with Tiborcz. Jellinek has also been involved in major property deals, including the Gellért Hotel and a large Belgrade office complex. Jellinek was separately convicted of budget fraud in January 2025 in a case involving false invoices.
Stay up-to-date: Hungarian Parliament elects five new constitutional judges
Major escalation
The reported detention of Jellinek and Szivek would mark a major escalation in the Volán investigation, which has been under way for several years. The NNI has said the investigation is continuing, meaning further suspects could potentially be identified. Neither Jellinek nor Szivek has been convicted in connection with the Volán case, and the allegations against them remain subject to the ongoing criminal proceedings.
Read also: Viktor Orbán’s great comeback or a sorry endgame at the Kötcse picnic?
