DistantNews
Chaos After Orbán's Defeat: Oligarchs Reportedly Flee Hungary with Assets

Chaos After Orbán's Defeat: Oligarchs Reportedly Flee Hungary with Assets

From Večernji List · (7m ago) Croatian Critical tone

Translated from Croatian, summarized and contextualized by DistantNews.

TLDR

  • Following Viktor Orbán's election defeat, a significant capital flight is occurring in Hungary, with elites close to the former government reportedly moving assets abroad.
  • Private jets are allegedly being used to transport wealth to countries like Saudi Arabia, Oman, and the UAE, while some individuals seek US visas.
  • Péter Magyar, leader of the winning Tisza party, accuses Orbán's associates of attempting to hide assets before the new government takes power in early May.

Hungary is experiencing a seismic political and financial shift in the wake of Viktor Orbán's decisive electoral loss. While supporters of the victorious opposition celebrate on the streets, a more clandestine operation is unfolding behind the scenes: the rapid relocation of capital and the preparations of an elite faction closely tied to the outgoing administration to depart. Reports indicate that private aircraft have been ferrying assets from Vienna for days, carrying the fortunes of individuals whose wealth surged during Orbán's 16-year tenure.

Simultaneously, a scramble is underway as some individuals attempt to transfer funds overseas, while others explore avenues for obtaining US visas and employment within institutions linked to the MAGA movement. This exodus is occurring as Hungary braces for a change in government, with Péter Magyar's Tisza party poised to take the helm in early May. Magyar has publicly accused circles connected to the ruling Fidesz party of orchestrating a scheme to conceal their assets before the new administration assumes power.

Magyar has specifically warned that "Orbán's oligarchs" are moving tens of billions of forints to destinations such as the United Arab Emirates, the United States, and Uruguay, urging authorities to intervene. Information from multiple sources suggests a broader capital migration towards Saudi Arabia, Oman, and the UAE, with Australia and Singapore also being considered. The family of Lőrinc Mészáros, a close Orbán confidant and one of Hungary's wealthiest individuals whose business success is intertwined with state contracts, is reportedly among those contemplating departure. This period of transition is fraught with uncertainty, as the alleged attempts to shield assets could face scrutiny from a new government determined to investigate potentially illicit gains made during the previous administration.

Orbánovi oligarsi prebacuju desetke milijardi forinti u Ujedinjene Arapske Emirate, Sjedinjene Države, Urugvaj i druge udaljene zemlje

— Péter MagyarPéter Magyar, leader of the winning Tisza party, accuses associates of Viktor Orbán of moving vast sums of money abroad following the election defeat.
DistantNews Editorial

Originally published by Večernji List in Croatian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.