“Those first in line to capitalise are Prime Minister Viktor Orban’s friends and family,” Reuters has written in a report made in Keszthely, a resort close to Lake Balaton.
According to Reuters, “Orban has earmarked more than $3 billion in public funds for tourism ventures across Hungary up to 2030, including more than $1.4 billion for Balaton, according to government announcements since March 2014. Most of the cash will come from Hungarian taxpayers. About 40 percent of the money for Balaton will come from the European Union, which gives funds to members to help lagging regions grow.”
“Since 2014, when the prime minister first mooted the prospect of investment, the seven most prominent waterfront properties in Keszthely have changed hands. An analysis of publicly available data shows three of them are now owned by Orban’s childhood friend Lorinc Meszaros and his business partners, and another three by Orban’s son-in-law Istvan Tiborcz and his associates. Reuters has also found company documents that show a company co-owned by Orban’s son-in-law Tiborcz stands to collect almost half of any profits from a venture which acquired the resort’s biggest hotel,” the article adds.
The lengthy article notes that “people with good government ties have always received their subsidy before those without”, and even lists the top 10 investors in Keszthely.
Source: Hungary Journal/Reuters