Hungary freezes assets, accounts of Orban-era media mogul

Hungarian police have launched an investigation into companies linked to media mogul Gyula Balasy, who for years secured major state contracts under the government of Prime Minister Viktor Orbán.

Police said that, based on information from the tax authority NAV’s special unit, an investigation into misappropriation and money laundering against an unknown perpetrator is underway, Reuters reports.

As part of the case, funds have already been seized and bank accounts frozen belonging to several companies connected to Balasy’s business group. Investigators are also examining possible overpricing in state contracts.

Authorities said the investigation concerns a group of companies operating in event management. The businessman had previously publicly mentioned transferring part of his assets, but said this was not an admission of wrongdoing.

Earlier, Balasy stated that he had offered to hand over his companies and part of his investments to the state following the formation of a new government led by Peter Magyar.

Gyula Balasy owns several major communications firms that have worked for over a decade on government campaigns in Hungary, including advertising projects such as anti-migration and anti-Ukraine campaigns.

According to Transparency International, companies linked to him received state contracts worth around 295 billion forints (over $960 million) between 2019 and 2021.

By Jeyhun Aghazada