Hungary probes BYD investment deal after ex-minister joins Chinese firm

Hungary's government has launched an investigation into a major investment by Chinese electric carmaker BYD. The probe centers on deals negotiated by former Foreign Minister Peter Szijjarto, who recently resigned from parliament to accept an executive position with BYD.

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We will examine all the decisions, negotiations and state commitments made by Péter Szijjarto that were related to the BYD Hungary investment.

Szijjarto's move to BYD, the world's top electric vehicle manufacturer, has drawn accusations of a conflict of interest. Critics point to his role in organizing substantial government subsidies, diplomatic support, and state infrastructure for the company while he was in office.

Prime Minister Peter Magyar announced the investigation, stating that all decisions, negotiations, and state commitments related to the BYD investment made by Szijjarto would be examined. The inquiry will scrutinize subsidies, tax breaks, permits, environmental exemptions, and public investments granted to multinational firms during the previous government's tenure. Magyar emphasized the need to understand who made these decisions, what warnings were ignored, and the burden placed on Hungarian taxpayers, workers, communities, and the environment.

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We will investigate who made these decisions, who prepared them, what professional warnings were ignored, and how much burden they left on Hungarian taxpayers, workers, local communities and the environment.

Neither Szijjarto nor BYD has commented on the allegations. Szijjarto has described his new role as a "prestigious" opportunity to work with a "great success story" in the automotive industry.

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prestigious opportunity to work for one of the “greatest success stories” in the automotive industry.