Orban Comes Under Fire From German Investors Decrying Cronyism
The government in Budapest has made no secret of its drive to put assets in Hungarian hands, and more foreign companies are under pressure.
Viktor Orban, Hungary's prime minister, arrives for a nuclear energy summit in Brussels on March 21.
Photographer: Simon Wohlfahrt/BloombergGerman companies have long treated Hungary like their backyard. Carmakers Mercedes Benz AG and BMW AG and Volkswagen AG’s Audi continue to expand their footprint, driving the country’s exports, while weapons producer Rheinmetall AG is building a handful of new factories.
Yet an increasing number of others are less enamored with Prime Minister Viktor Orban’s government. Companies in retail, financial services, the media industry, telecommunications, and an airport operator are finding themselves in the cross-hairs of his nationalist drive to put assets in Hungarian hands, particularly people close to his leadership, according to executives.