Russians owe billions and a Budapest palace to Hungary: will they return them?
The Russian-led International Investment Bank (IIB) received HUF 74 billion (EUR 200 million) from the Hungarian government as capital when Budapest joined the institution. Furthermore, it was given the Chain Bridge Palace to serve as headquarters. The 3,200 sqm palace is one of Budapest’s most expensive building located at the Zero Kilometre Stone. Its value is around HUF 6-7 billion (EUR 16.2 – 18.9 million). But will the Russians give the money and the palace back?
The government takes it lightly
Hungary decided to leave the International Investment Bank in April, following American threats and NATO pressure as well as the travel ban of the bank’s Hungarian vice-chairman, Imre Laszlóczki. Szabad Európa wrote that more sanctions can be introduced against multiple Hungarians thanks to a new US law.
After Hungary announced its decision, the bank said it would cease operations in Hungary. However, it owes a huge sum to Hungary, Blikk wrote. In addition, they have to leave the Budapest palace. IIB told the Hungarian tabloid that they aimed to establish contact with the government concerning the two issues but they have received no reply. The minister in charge said they have given a verbale notice to the bank.
Zoltán Vajda, a Socalists MP, asked Márton Nagy, Hungary’s Economic Development Minister, about the bank’s plan regarding the Chain Bridge Palace. Mr Nagy replied that “it belongs to them, and they can sell it to whomever they want”. The building is one of the most expensive in the capital at the Buda bridgehead of the illustrious Chain Bridge. Below you can see a photo:
The bank cannot sell the palace
The Hungarian state theoritically has the option to purchase the palace. Since IIB is in financial trouble, they may sell it back to Hungary. Mr Vajda said Fidesz politicians did not mention the Hungarian state’s purchase option. The economic development minister said the bank might sell the building to whomever they want, but that is untrue. Vajda hopes nobody will take it below the price.
Blikk asked the government whether Hungary has the chance to reobtain the invested capital from the bank (approximately 200 million euros). Furthermore, they also inquired whether the government intends to repurchase the palace. But they have not received answers. Vajda believes the administration should take the issue more seriously.
The IIB is leaving the Hungarian capital with the help of an international removal firm. The flags have already been removed from its facade. The replacement of the staff will be carried out soon. Concerning the Chain Bridge Palace, the bank said it was in their ownership, and the Directorate would make a decision later on.
They added there were no ongoing talks concerning any issues between the bank and the government because the administration did not establish contact with them. The USA and other Western powers have condemned the IIB and the Orbán cabinet’s decision to join the bank. Hungary granted immunity for the staff and many believe the bank helped Russian spies to work undercover.
Russia forfeits any and all properties acquired by the “spybank.” No negotiations, zero, zip, nada, non, niente…
Why on earth did the Orban government hand over 200 million euros and an expensive building as charity to a Russian bank? It was an absurd squandering of Hungarian taxpayers’ money to capitalize a bank that was not needed and merely existed for the purpose of espionage in Europe. Orban paid the Russians to spy on Hungary and Europe.
Just take a good hard look on Putin’s face (in the photo used for this article), does it look like Putin is the kind of guy who is going to surrender anything to anyone.
While on the topic of that particular photo, just look at our PM’s face, and in it you see a a kid meeting his idol, his hero.
Don’t anyone tell me that this Government could not take back our monies (the taxpayer’s) and OUR Chain Bridge Palace – IF it wanted to!
The US and the EU are responsible for the war. The US spent 170 BILLIZON USD and EU 20 billion. They started the revolt on the 2 time elected president- at the same time the now president of the US was making big money from crooks in the Ukraine. They also decided who would be the the new leader of Ukraine, only to be more corrupt. The western media could not say enough bad about Russia the US insisted they were responsible for the lost 2016 election- not true but they continue to blame russia for everything. The US is more than 10 times more sophisticated and powerful than RUSSIA, yet they have major election problems. 50 of the highest CIA lied about the Biden crime family corruption and signed a letter it was Russian disinformation. They knew it was lie- they had tthe evidence and kept it from the public. For over 2 years. We now know Romania was paying bribes to the Biden crime family right in your back yard- like Ukraine the media here buys into the corruption and lies. The US ambassador is now controlled by these same people who like nothing more than to get ride of Orban. They had no problem evicting the Ukraine leader while yelling democracy while taking bribes.
Last week Trump said the first thing he would do is stop the killing on both sides and left sneared.