Dániel Jellinek and Norbert Szivek arrested in Volánbusz corruption case

Authorities have arrested two high-profile suspects in connection with a corruption and money laundering investigation involving Volánbusz Zrt. Dániel Jellinek, CEO of Indotek Group and one of Hungary’s wealthiest individuals, and Norbert Szivek, former CEO of the Hungarian National Asset Management Inc. (MNV Zrt.), have been detained for one month.

The suspects are accused of causing approximately 10 billion HUF in financial loss between 2015 and 2018 by overpricing used buses acquired while the MNV held ownership rights of the Volán companies. It is alleged that a portion of the illicit funds was laundered through real estate developments in Budapest’s IX and XII districts.

A third suspect, identified as a money courier who allegedly transferred 1 billion HUF in corrupt funds, was not ordered into custody by the Budapest Capital Regional Court. The court noted that the individual, who resides abroad, voluntarily returned to Hungary upon learning of the investigation and demonstrated a level of cooperation that mitigated the risk of flight or interference with the proceedings. The prosecution has appealed this decision.