• Hungarian police have launched an investigation into the companies of Gyula Balasy, owner of several top media firms that won lucrative state contracts under Viktor Orban’s government, on suspicion of misappropriation of funds and money laundering.
  • Balasy offered his companies to the state after the new government of Peter Magyar took over, claiming he has nothing to hide.
  • Accounts of several of Balasy’s companies were frozen last Monday, and police have launched a separate investigation into overpriced contracts.
  • Balasy’s firms designed Orban’s campaigns, including the April election, winning hundreds of contracts worth billions of forints.
  • Transparency International estimated that Balasy’s companies won contracts worth 295 billion forints ($960 million) in the 2019-2021 period alone.
  • New Prime Minister Magyar has pledged to clamp down on corruption and re-acquire stolen state assets.

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