Orban Ally Offers to Hand Media Empire to Hungary After Election
Balásy said the move would protect about 500 workers after state contracts stopped and his companies lost value.
- On Monday, Hungarian media executive Gyula Balásy announced he would relinquish ownership of his event planning, communications, and media firms to the state, claiming the move aims to preserve the livelihoods of his 500 staff members.
- Balásy built his wealth through government contracts over the past decade, securing hundreds of millions of dollars while handling PR for state-owned entities, portraying his assets as representing 'HUF 80 billion in value'.
- Incoming leader Peter Magyar described Balásy as a front for Antal Rogan, the premier's communications chief, while noting company accounts have been frozen since last Monday, preventing salary payments.
- This development signals the rapid collapse of Viktor Orban's 16-year crony system following his election defeat, as Magyar campaigned on a pledge to stamp out corruption and restore European Union funding frozen over graft concerns.
- Unlike other businessmen who fled abroad, Balásy insists he will remain in Hungary, while the political earthquake continues to ripple through the business elite as other Orban allies attempt to ease tensions with the incoming administration.
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Gyula Balasy's measure comes as the newly elected government, led by Peter Magyar, takes office.
Orban Ally Offers to Hand Media Empire to Hungary After Election
One of Hungary’s most powerful media executives offered to hand his business to the state for free, the latest sign of the shift among some of the country’s richest following Viktor Orban‘s landslide election defeat.
Orbán-linked media baron Gyula Balásy offers his companies to the state for free: what he may get in return
According to 444.hu, Gyula Balásy has effectively scooped up every state communications contract since 2016, while also handling PR for state-owned firms. Meanwhile, his companies operated with a healthy 10 percent profit margin, potentially netting him tens of billions as sole owner. Ákos Hadházy claims he sought to spirit these funds abroad after Fidesz’s defeat, only for the tax authorities to intervene.Continue reading
In a public document, Balásy renounces four companies: his 100 percent stake in Lounge Design, Lounge Event and New Land Media Kft., and his stake in Visual Europe Zrt., which is 95 percent owned by the latter two companies. In response to a question, he estimated the total value of these at 80 billion forints.
The advertising guru who produces blue-poster campaigns says that his companies have serious professional knowledge and human resources, and he would like this work to continue, even without him. He fought back tears several times in the interview.
NER's favorite media entrepreneur announced this in an interview with Kontroll.
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