According to the newspaper, György Matolcsy, the former head of the Hungarian National Bank and a close ally of Prime Minister Viktor Orbán, funneled profits from the bank into a network of foundations he created.
One of these entities later invested in Polish developer GTC, responsible for constructing key properties in Warsaw, including Galeria Mokotów and numerous office buildings.
Daniel Obajtek's involvement and GTC's financial struggles
During this time, Daniel Obajtek, then CEO of the Polish oil company Orlen, joined GTC’s supervisory board to represent the company’s minority shareholder, PZU’s pension fund (OFE). After ten months, he resigned without explanation.
Gazeta Wyborcza reports that in 2014, Matolcsy established six foundations funded by the profits of the central bank. In April 2020, one of these foundations bought over 60% of GTC shares in a deal worth around 1.8 billion PLN (€400 million).
Since then, GTC’s stock has plummeted by half, leading to massive losses for the Hungarian foundation - 162 billion forints, or about $442 million.
Hungarian authorities have launched an investigation into Matolcsy’s actions, and the Hungarian State Audit Office has released preliminary findings on the misuse of the central bank’s funds.
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Source: wyborcza.biz/GW/IAR/X/@coellen_barbara