Hungary to Move Billions in Funds in Step Decried as ‘Theft’
- Wealth transfer comes a year before parliamentary elections
- EU may scrutinize endowments before pandemic-fund distribution
This article is for subscribers only.
Hungary’s parliament approved the transfer of a vast array of state assets to new quasi-private foundations in a move opposition parties said would cement Prime Minister Viktor Orban’s grip on power regardless of elections.
Parliament, dominated by Orban’s lawmakers, voted on Tuesday to create endowments for more than a dozen foundations with state assets ranging from apartments, a palace, stakes in blue-chip companies, a steelmaker and a soccer stadium.